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Cotton market activities moving at slower pace

06
Dec '08
Business activity in the market is moving at a slow pace. Experts say that such sluggishness can be attributed to the phutti arrival.

Muhammad Akram Chaudhry, Chairman, Pakistan Cotton Ginners' Association (PCGA), told Fibre2fashion.com, “The business is slack due to some transport problems. The main reason is the forthcoming Eid-ul-Azha on December 9, most of the transporters are on leave. However, it is temporary. Things will come to normal soon.”

The phutti prices from both the Punjab and Sindh which stood at Rs1400 are now increased to Rs1550.

In the past fifteen days, according to PCGA statistics, phutti arrival figure stood at over 8.3 million and production was higher against the last year. Such high figures has increased anticipation of traders for further decline in the prices.

In the local market small quantities of cotton were traded. 800 bales from Sanghar were sold at Rs2735-Rs2800; 6000 bales from Rahim Yar Khan at Rs3000; 3000 bales from Ahmed Pur and 800 bales from Bahawal Pur were traded at Rs3000; 2000 bales from Rajan Pur at Rs2950-Rs3000; 1400 bales from Ali Pur at Rs2900-Rs3000, 1000 bales from Shadan Lund at Rs3000; 800 bales from Shah Jamal exchanged hands at Rs2825.

Fibre2fashion News Desk - India


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