KARACHI: Low demand from the textile millers has caused decline in cotton price by Rs100 per maund (37.324 kilogram) to Rs5,400 per maund.
According to Karachi Cotton Association report Despite of this, many traders paid prices higher than the set benchmark. Last week, the price has surged to this season (June-March) peak at Rs5,500 per maund at open markets on reports of short crop this year.
Keeping in view the development, the Karachi Cotton Association has revised down its official rate by Rs50 per maund to Rs5,200 per maund. The KCA added traders bought 15,200 bales (of 155 kilogram each) at Rs4,800 to Rs5,400 per maund.
Meanwhile, the participants of cotton selectors training course visited Central cotton research institute to observe the work and other modern techniques for developing new varieties.
The delegation led by Mian Nasir Ali,officer in-charge of Pakistan Standard Cotton Institute was welcomed by the Director CCRI Sajid Shah. Scientific Officer Department of Agronomy Dr Naveed Afzal briefed the visiting delegation about use of latest machinery and drip irrigation system. In-charge Breeding department, Ch Muhammad Afzal provided information regarding breeding material and its impacts.
