KARACHI: The dillydallying by the Trading Corporation of Pakistan (TCP) and higher arrival of phutti (seed cotton) abetted by slow off-take of lint, kept the cotton prices falling. The pressure on the market prompted the spinners and exporters to stay at bay and take cautious approach.
Though the Trading Corporation of Pakistan (TCP) moved in to procure around 500,000 bales, it remained restricted to sampling so far, exerting more pressure on the prices.
On the other hand, growers continue to remain at losing end as many deals were finalized below Rs5,000 a maund.
Prices in both Punjab and Sindh slipped below Rs5,000 as Phutti prices in Sindh are Rs1,600-2,400 per 40kg and in Punjab it is Rs2,200-2,550.
The New York cotton market partly recovered its overnight losses, but overall world cotton prices continue to be under pressure.
These major deals changed hands on ready counter: 600 bales Khanewal at Rs4,850 to Rs4,925, 600 bales Gojra at Rs4,950, 800 bales Yazman Mandi at Rs5,000, 1,400 bales Bahawalpur at Rs5,025 to Rs5,050, 3,000 bales Rahimyar Khan at Rs5,025 to Rs5,100, 1,000 bales Ahmedpur at Rs5,050, 1,000 bales Liaquatpur at Rs5,050, 3,500 bales Rajanpur at Rs5,050, 2,000 bales Fazilpur at Rs5,050, and 1,000 bales Sadiqabad at Rs5,050.
