Pakistan cotton market abuzz with buying activity
Cotton trading on Monday resumed on easy note as ginners were in no mood to hold on to their unsold position in an uncertain price outlook. Arrivals of phutti into the ginneries are said to be on the higher side after picking operations were resumed in selected areas of upper Sindh and Punjab cotton belt.
Though, the present phutti rates below Rs1,000 per 40 kg are well below the grower perceptions, no one among them is inclined to hold on to stocks amid market talk of a bumper crop and fears of further decline in prices.
Active daily mill off-take reflects the current price level are in line with their export parity levels and continued to cover their forward sales of cotton yarn for the next quarter ending November 30, brokers said…