KARACHI: The Cotton Corporation of India (CCI) has procured around 70,000 bales so far to support the falling cotton prices in India, while amidst selective purchasing for quality lint, price remained steady on the cotton market.
On ready counter 2,000 bales from Sindh were reported to have changed hands between Rs4,400 and Rs5,000, and 8,000 bales of Punjab quality quoted in the range of Rs4,800 to Rs5,100 per maund. Dwindling stocks of quality lint with ginners are a cause of concern for many millers who have yet to meet their entire seasonal demand.
Very little phutti (seed cotton) has been left behind for picking. Stocks held by ginners are also lesser than that in the same period of last year. Higher cotton prices in the world markets have also disturbed import parity, and local millers are now purchasing cotton from the domestic market, brokers said.
