KCA reduces spot rate by Rs 50 on strong phutti arrivals
1/4/2012 2:02:16 PM
KARACHI: Higher phutti arrivals reduced cotton prices however firm trading session was witnessed on Tuesday.
The Karachi Cotton Association (KCA) reduced its official Spot rate by Rs 50 to Rs 5,350 per maund. Market is anticipating that cotton production will increase.
On higher phutti arrivals ginners didn’t get panic in the meantime, Pakistan Cotton Ginners Association (PCGA) released fortnightly figures of seedcotton arrivals till December 31, 2011. The report revealed that around 12.03 million bales of cotton has arrived.
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