Pakistan’s cotton trade witnessed another week of sluggish activity on the buying and selling counters and the price of cotton showed a bearish trend during the last week, falling by Rs 500 to Rs 1,000 per maund.
The rate of cotton in Sindh is between Rs 14,000 to Rs 17,000 per maund. The rate of Phutti is between Rs 5,000 to Rs 7,500 per 40 kg. The rate of cotton in Punjab is between Rs 16,000 to Rs 17,500 per maund. The rate of Phutti in Punjab is in between Rs 5,000 to Rs 8,000 per 40 Kg. The cotton rate in Balochistan is between Rs 16,000 to Rs 17,500 per maund while the rate of Phutti is between Rs 6,000 to Rs 8,000 per 40 kg.
The Spot Rate Committee of the Karachi Cotton Association has decreased the spot rate by Rs 500 per maund and closed it at Rs 16,500 per maund.
According to USDA’s weekly export and sales report, the sales for 2022-23 were 68,400 bales including a decrease of 16,100 (-19%) bales. Pakistan was at the top by buying 53,200 bales. Vietnam bought 36,200 bales and was on second while Taiwan bought 15,500 bales and was on number third. Turkey bought 9,500 bales and stood in fourth place. Ecuador bought 3,800 bales and was in fifth place.
For 2023-24 7,100 bales were sold including an increase of 2,700 (%61+). Pakistan was number one with 6,600 bales and Japan was number second with 500 bales.
