Forward trading in Phutti and cotton seed (Banola) for the year 2020-21 has been started. Market sources said that forward trading agreements of 20 trucks of Phutti of lower Sindh were signed. The agreements were signed at the rate of Rs 3300 to Rs 3700 per 40 kg and on the condition of delivery between May 25 and June 5.
According to Naseem Usman, cotton analyst, the forward agreements of 8 trollers of cotton seed (Banola) were also signed at the rate of Rs 1725 to Rs 1750 and on the condition of delivery till June 15.
Naseem told that things have started improving as the government had given permission to the textile units to start their operations. While according to the circles of All Pakistan Textile Mills Association Chief Minister Punjab has agreed to open the complete textile chain which include spinning, sizing, weaving, processing, embroidery and garments.
He stressed his hope that opening of the whole textile chain will have a positive impact on the cotton market.
