KARACHI – Cotton spot prices have increased by Rs1,000 per maund in a week due to lower arrivals and rising demand.
On Friday, Karachi Cotton Association (KCA) maintained the spot rate of Rs17,000 per maund.
As per media reports, average Phutti prices in Punjab have also achieved price stability after posting Rs1,500 to Rs2,000 per maund last week.
Cotton prices in Bahawalpur, Bahawalnagar, Multan and Jhang were reported between Rs 7,300 to R 8,300 per maund.
Prices in Faisalabad, Toba Tek Singh and Kasur were reported between Rs7,500 to Rs8,500 per maund.
Phutti deals were reported at Rs8,700 per maund in some regions. Cotton was traded between Rs18,000 to Rs18,500 per maund.
As per the market insiders, cotton prices will increase in the coming days due to lower arrivals and increasing demand.
Import is also on the lower side due to restrictions on opening LCs. The prevailing scenario will continue till a decrease in trade and current account deficits.
Pakistan’s textile exports during the first quarter of the ongoing fiscal year decreased to $4.12 billion compared to $4.58 billion during the same period last fiscal.
Monthly textile exports decreased to $1.36 billion in September 2023 compared to $1.53 billion in September 2022.
