KARACHI: The falling cotton prices attracted some buying from needy spinners who readily picked lots of their choice. However, trading volume could not increase due to short supply of quality cotton.
According to market sources, the prices came under pressure on reports that spinners faced with cotton shortage have booked around 60,000 tonnes of cotton for import from West African countries.
Most of these import shipments are due in June and July when spinners would be needing cotton.
As a result, lint prices slightly came under pressure and were pushed back in the range of Rs5,800 for quality cotton from the earlier peak level of Rs6,000 per maund, brokers said.
Meanwhile, growers and ginners are urging the government to fix minimum support price for phutti (seed cotton) to encourage growers to cultivate more cotton. The area under cotton cultivation at present remains limited.
Punjab’s Minister for Food and Agriculture Dr Farrukh Javed has also asked the government to fix minimum support price in the range of Rs2,600 to Rs2,700 per 40 kilograms for new crop phutti.
The Karachi Cotton Association left its spot rates unchanged. Major deals on the ready counter were: 1,400 bales from Alipur (at Rs5,550 to Rs5,575 per maund), 866 bales Bahawalpur (Rs5,680) (conditional), 600 bales Marrot (Rs5,250), 200 bales Fazilpur (Rs5,500) and 200 bales Layyah (Rs5,400).