June 02,2024

Official spot rate firm on cotton market.

The local cotton market remained bearish on Saturday, with trading volume staying low.

According to Cotton Analyst Naseem Usman, the downturn in the local market is attributed to the New York Cotton market’s three-cent drop.

Cotton trade analyst Naseem Usman told Business Recorder that in all 2000 bales were traded in the market. He said there was a decline of Rs 1500 per baleand prices of cotton bales from Sindh and Punjab were traded from Rs 19000 to 20, 500.

While Phutti also registered a decline in prices and was traded from Rs 8800 to 9800 per 40 kg. Naseem Usman attributed low activity and decline in prices owing to decline in the international market.