KARACHI: The cotton price in local market has decreased by Rs50 to Rs5,950 per maund due to selling pressure.
Barring small lot deals, spinners generally preferred to stay away which renewed pressure on cotton prices on panic selling from ginners. Phutti (seed cotton) prices also came under pressure and fell by Rs50 for both Sindh and Punjab qualities.
The Karachi Cotton Association cut its spot rate by Rs50, to Rs5,950 per maund (around 37 kilograms).
Major deals on the ready counter were: 1,000 bales from Shahdadpur (Rs5,750 to Rs5,800), 1,400 bales Nawabshah (Rs5,900 to Rs5,950), 4,000 bales Khairpur (Rs6,075 to Rs6,115), 1,400 bales Rohri (Rs6,100 to Rs6,150), 1,400 bales Saleh Pat (Rs6,100 to Rs6,150), 1,000 bales Rajanpur (Rs6,150), 1,000 bales Fort Abbas (Rs6,175 to Rs6,200), 1,800 bales Rahimyar Khan (Rs6,225), 800 bales Haroonabad (Rs6,200 to Rs6,225) and 200 bales Liaquatpur (Rs6,225).
