Lahore: The cotton market declined during the two Eid al-Adha holidays. Naseem Usman, president of the Karachi Cotton Brokers Forum, said that during the two days of Eid, the local cotton market saw an unusual reduction in rates from Rs 15,00 to Rs 17,00 per head.
He said that during these holidays an exceptionally bearish trend was observed in the cotton market.
In Sindh, the price of cotton decreased to Rs 16,200 per head, the price of cotton per 40 kg decreased to Rs 6,700 to 7,000. Cotton prices in Punjab range between Rs 16,800 to Rs 17,000 per head while footy costs between Rs 7,200 to Rs 8,500 per 40 kg. It is expected that the prices of cottonseed, khal and oil will also come down.
Naseem Usman further said that the reasons for the crash in the cotton market can be attributed to the fall in the dollar rate after the deal with the International Monetary Fund (IMF), increase in electricity and gas tariffs, increase in the arrival of futi and no effect on the crop. Used to be. from the recent rains. It is expected that the bearish trend in the market will continue.
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