LAHORE: The Karachi Cotton Association (KCA) on Thursday announced a drop of Rs 200 in the spot rate and fixed it at Rs 17,000 per maund after remained stagnant at Rs 17,200 for the last two days. Trading, however, remained sluggish today and volume also remained lower.

Cotton analyst, Naseem Usman while talking to Business Recorder said that the sluggish business activities were the outcome of financial crises of the textile industry with increasing energy tariffs. Only selected buying as per immediate requirements was seen in the market.

Naseem said that a reduction in cotton prices was also witnessed due to the sluggish activities and cotton prices from Sindh were registered at Rs 15,000 per maund to Rs 17, 200 per maund.

Phutti Sindh fetched Rs 5,000 per maund to Rs 7,200 per maund. Prices of cotton lots from Punjab were registered at Rs 15,800 per maund to Rs 17,500 per maund and Phutti prices were seen at Rs 5,500 to 7,600 per maund.

Similarly, prices of cotton from Balochistan were registered at Rs 17,000 per maund to Rs 17,500 per maund and Phutti from this province fetched prices of Rs 6,500 to Rs 8,200 per maund.

As per the domestic transactions mentioned by the daily market report, 600 bales of Dherki were transacted today while 400 bales each from Ghotki and Shahdadpur, 1400 bales from Khairpur, 400 bales from Rohri, 2600 bales from Rahim Yar Khan, 1000 bales from Sadiqabad, 400 bales from Khanpur, 800 bales from Mianwali, 400 bales each from Layyah and Harooanabad, 200 bales each from Hasilpur and Bahawalpur and 2000 bales from Yazman Mandi were transacted today.

Copyright Business Recorder, 2023