*The local cotton market on Wednesday crashed. Cotton analyst Naseem Usman said to Business Recorder that the reason behind crashing of market is rains in the cotton growing areas of Sindh and Punjab due which the supply of Phutti was affected. Second reason is the arrival of imported Phutti and liquidity crunch.*
*The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 200 per maund and closed it at Rs 13700 per maund. The rate of cotton in Sindh is in between Rs 12900 to Rs 13500 per maund and the rate of cotton in Punjab is in between Rs 13400 to Rs 13500 per maund. The rate of the new crop of Phutti in Sindh was in between Rs 5400 to Rs 5800 per 40 Kg. The rate of Phutti in Punjab is in between Rs 5500 to Rs 5900 per 40 Kg. The rate of Banola in Sindh is in between Rs 1600 to Rs 1700 per maund. The rate of Banola in Punjab is in between Rs 1650 to Rs 1750 per maund. The rate of cotton in Balochistan is Rs 13500 to Rs 13600 per maund. The rate of Phutti in Balochistan is Rs 6300 to Rs 6800 per maund.*
*The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 200 per maund and closed it at Rs 13700 per maund. The Polyester Fiber was available at Rs 222 per Kg.*
