Cotton buying failed to improve despite ginners reported 23.17 percent shortfall in production in the current season (June-March) to date, as textile mill owners awaited decline in prices, said a dealer on Wednesday.
“Prices will not fall due to short crop,” said Naseem Usman, a broker at Karachi Cotton Exchange. “Buying may improve sooner or later.”
The prime quality cotton was sold at maximum Rs5,600/maund (37.324 kilogram) at various stations in the country, according to Karachi Cotton Association (KCA).
Pakistan Cotton Ginners Association reported production at 8.01 million bales (of 155 kilogram each) in the current season as compared to 10.43 million bales in the corresponding period last year. The current production is 2.41 million bales, or 23.14 percent, lower than the last year.