Due to increase in buying of cotton by textile and spinning mills in the local cotton market last year, the overall price of cotton was sustainable. Generals have about 6 lac stocks of grain, while many mills are also needed cotton due to which business volume also remained relatively suitable.
The price of cotton is Rs. 7300 to 9000 per mound in Sindh and Punjab while cotton phuti reserves have been depreciated. The Karachi Cotton Association’s Spot Rate Committee stabilized the spot price at Rs 8800 per share.
Karachi cotton brokers’ chairman Naseem Usman said that the current season cotton yield will be around one crore 8 lac bales, which is 7% less than 1 crore 16 lac bales of the previous year. Prime Minister Imran Khan has said that despite the commitment to 1 crore 50 lac cotton production in the next year’s season, the activities of cotton-linked organizations have increased due to the commitment to cotton production, adding that there is a mixed trend of price in the in the International cotton market.