KARACHI: The cotton prices declined to Rs5,000/maund on Monday despite govt buying of 1 million bales at fixed price of Rs6,864 per maund.
Trading Corporation of Pakistan (TCP) is procuring one million bales at a fixed price at Rs6,864 per maund. On the contrary, the price of prime quality cotton at local markets has dropped to Rs5,000 to Rs5,100/maund, showing a huge difference of Rs1,864/maund.
The Karachi Cotton Association’s (KCA) official rate of cotton also slid to three-year low at Rs4,950/maund after it revised down the rate by Rs50/maund.
KCA reported traders bought a total of 23,200 bales (of 155kg each) between Rs4,750 and Rs5,125/maund as compared to 19,400 bales bought at Rs4,750 to Rs5,200/maund on Saturday.
To date, official sources said, TCP has signed procurement contracts for around 400,000 bales with ginners.
