KARACHI: Despite the extensive supply of past ginners in the local cotton market, the effects of the downturn prevailed due to cautious buying activities by textile mills.
During the weekly trade, the spot price of cotton was reduced by Rs. 400 per quintal while the international cotton markets remained volatile. According to the latest PCGA report, they have only 85,000 bales of cotton. Stocks are left, which has limited business activities in the market.
Due to these factors, although the price of cotton should have increased, the decline in the dollar rate has led to a decline in the market for yarn and cotton.
Fell victim to During the weekly trade, the price of cotton in Sindh province was Rs 10,200 to Rs 10,500 per quintal while the price per 40 kg of cotton was Rs 4,800 to Rs 5,200. In Punjab, the price of cotton per man ranged from Rs 10,500 to Rs 10,800 while the price of 40 kg of cotton was Rs 4,800 to Rs 5,800.