KARACHI: Cotton price dipped by Rs 1,000 to Rs 9,500 per maund this week, mainly due to lack of interest from cotton mills and exporters, brokers said Saturday.
Member of Cotton Brokers and Advisory Committee Amir Naseem said that the market has witnessed a declining trade in cotton since past few weeks as spinners were not taking interest in local cotton because of sufficient stock of cotton yarn with them.
He said spot rates of Karachi Cotton Association (KCA) have fallen from Rs 10,500 per maund on April 27, 2011 to Rs 9,500 per maund on April 29, 2011 on lack of interest.
Amir said that mills also have a significant stock of cotton and they might start cotton buying from next week.
Cotton prices ranged between Rs 7,800 to Rs 9,000 per maund in Sindh and Punjab, he added.
Good quality phutti was in a short quantity and is being sold in the range of Rs 2500 to Rs 3,000 per 40 kg while binola price also closed lower at Rs 1,050 to Rs 1,075 per maund in Sindh.
He said cotton prices have also declined in China, India and Bangladesh.
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