LAHORE: Cotton market crashed during the two Eidul Azha holidays. Chairman Karachi Cotton Brokers Forum Naseem Usman told Business Recorder that rates in local cotton market witnessed an unusual decrease of Rs 15,00 to Rs 17,00 per maund during the two days of Eid.

He said that cotton market witnessed an extraordinary bearish trend during these holidays.

In Sindh, the price of cotton after decreasing reached at Rs 16,200 per maund, the price of Phutti per 40 kg after decreasing reached at Rs 6,700 to Rs 7,000. In Punjab, the price of cotton is in between Rs 16, 800 to Rs 17,000 per maund while the price of Phutti is in between Rs 7, 200 to Rs 8,500 per 40 kg. It is expected that prices of Banola, Khal and oil will also decrease.

Naseem Usman further said that the reason behind crashing of cotton market is expected decrease in the rate of dollar after the deal with International Monetary Fund (IMF), increase in electricity and gas tariffs, increase in the arrival of Phutti and the crop not being affected by the recent rains. It is expected that the bearish trend will prevail in the market.

Copyright Business Recorder, 2023