Pakistan: Cotton prices fell on global downtrend


KARACHI: Prices of raw cotton slipped on Tuesday over the global downtrend in commodity prices in the international market, dealers said.
“Local commodity prices follow fluctuations in prices at the International Commodity Exchange (ICE) as future contracts for the forthcoming months fell in the international market, bringing down the cotton spot rates of the Karachi Cotton Association (KCA),” said Shakeel Ahmed, a cotton analyst.
Spot rates at the Karachi Cotton Association (KCA) declined by Rs500 to close at Rs9,000 per maund and by Rs536 to Rs9,765 per 40kg for average-quality lint.
Seedcotton (Phutti) fell by Rs500 to Rs2,500 per 40kg in both the cotton growing areas, Punjab and Sindh.
Moreover, raw cotton for May and July contracts at the International Commodity Exchange (ICE) slid by 2.87 cents and 3.57 cents to close at $1.75 and $1.54 per pound, respectively, while reducing appetite for ginned cotton. The country’s cotton sales stood at 700 bales of raw cotton (170kg each), including 300 bales from Haroonabad; and 200 bales each from Rajanpur and Vehari at prices, varying in between Rs8,000 and Rs8,500 per maund.