LAHORE: The local cotton market on Monday remained bearish and the trading volume remained low. Cotton analyst Naseem Usman told Business Recorder that Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Standing Committee on Agriculture said the cotton crop in Punjab is likely to face less yield in view of ongoing wheat issues.

In this regard, it is advisable that the provincial government of Punjab may start wheat procurement on a priority basis with the addition of temporarily godowns in every Tehsil.

He further told that in terms of pricing, cotton rates in both Sindh and Punjab ranged from Rs19,500 to Rs21,500 per maund, while phutti prices in Punjab were observed between Rs9,500 and Rs10,000 per 40 kg.

The Spot Rate remained unchanged at Rs19,700 per maund.

Polyester fiber was available at Rs367 per kg.

Copyright Business Recorder, 2024