KARACHI: Prices of lint remained stable on Thursday, despite a shortfall of around 1 million bales showed by the fortnightly report issued by the Pakistan Cotton Ginners Association (PCGA), dealers said.

The PCGA reported that around 11.69 million bales of cotton reached factories till May 1, against 12.69 million bales until the same period of last year, depicting a shortfall of 0.995 million bales due to floods that hit the country in July and August of last year.

“Although the country has been facing a shortage of the commodity, ginned cotton prices have continued to fall due to lack of demand from main buyers in the international market,” said Naseem Usman, chairman of the Karachi Cotton Brokers Forum.

On the Karachi Cotton Exchange (KCE), spot rates of the Karachi Cotton Association (KCA) remained stable at Rs9,000 a maund and Rs9,645 per 40 kg for average quality lint. Seedcotton (Phutti) held steady at Rs2,500 per 40 kg in both Punjab and Sindh.

The KCE witnessed active buying with trade of 2,600 bales of raw cotton (of 170 kg each), including 200 bales each from Haroonabad and Pul Baghar; 400 bales each from Dera Ghazi Khan and Ghotki; 800 bales from Tando Allahyar and 600 bales from Head Bakani at prices between Rs7,400 and Rs9,000 per maund.

