He said that prices of Phutti in the Punjab have been reduced to Rs2900-Rs3000 from Rs3100-Rs3200 while in Sindh prices increased by up to Rs100.
He said that prices of cotton may further increase after Eid as there were reports that electricity supply to spinning sector would improve.He said that if power supply is increased to the spinning industry, it would benefit cotton market, and there would be a boost in prices.
Even four hours additional electricity to the spinning industry could change the situation, he said.
He said that a meeting between government and the All Pakistan Textile Mills Association (Aptma) would be held before Eid and Aptma representatives were going to request the government for uninterrupted supply of electricity for at least two shifts.He said that the spinning industry was being supplied electricity for 12 to 14 hours daily which was not sufficient to meet the requirement.
A total of 15,600 bales changed hands, out of which 4600 bales were sold in the Punjab and 11000 bales were exchanged in only four cities of Sindh.The following transactions were reported on the ready counter on Wednesday:
SINDH TYPE: 4000 bales, Sanghar at Rs6550/6625, 600 bales, Tando Mohammad Khan at Rs6550/6600, 2000 bales Tando Adam at Rs6575/6625, 1000, Haiderabad at Rs6575/6600, 1000 bales, Kotri at Rs6575/6625 and 2400 bales, Shahdadpur at Rs6575/6625.
PUNJAB VAREITY: 800 bales, Borewala at Rs6475/6550, 200 bales, Muridwala at Rs6475, 1000 bales, Khanewal at Rs6500/6600, 200 bales, Gojra at Rs6550, 400 bales, Vehari at Rs6500, 200 bales, Pir Mahal at Rs6500, 200 bales, Bhakkar at Rs6525, 400 bales, Sahiwal at Rs6500, 200 bales, Mian Chunno at Rs6500, 600 bales, Haroonabad at Rs6525/6540 and 400 bales, Bahawalpur at Rs6500.
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