Slow business activity on cotton market

LAHORE: The local cotton market on Monday remained bearish and the trading volume remained low.

Cotton Analyst Naseem Usman told Business Recorder that the new cotton season has started. Approximately three ginning factories have partially started operations, and more will start running in June.

So far, around 1000 bales have been processed, with 600 bales from Sindh priced at Rs. 20,400, 20, to Rs 21,500 per maund while 400 bales from Punjab have been processed at Rs. 21,800 to Rs 22,000 per maund.

In Sindh, the price of phutti is in between Rs. 9,500 and Rs. 10,700 per 40 kilograms. There has been an increase in international cotton prices, which is also affecting local cotton prices. However, the intense heat is affecting cotton sowing.

He further said that cotton prices of old crop in Sindh and Punjab ranged from Rs 19,500 to Rs 21,500 per maund, while Phutti prices in Punjab were between Rs 9,500 and Rs 10,000 per 40 kg.

The Spot Rate remained unchanged at Rs 19,700 per maund, and Polyester Fiber was available at Rs 367 per kg.

Copyright Business Recorder, 2024