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The spot price dropped to Rs 5,350/Monday (37.324 kg) and Rs 5,734/40 kg. After increasing the national expenditure of Rs 130, the spot price of Karachi dropped to Rs 5,480/Monday and Rs 5,864/40 kg.
Traders said Pakistan’s trading companies are still waiting for formal orders to intervene in the market and they will acquire 1 million bales of cotton from the ginners.
According to the report, as of January 1, the total amount of cotton arriving at the factory increased. Due to the expected arrival of new cotton, spot prices have fallen. As of January 1, about 12.032 million bales of cotton arrived at the factory.
On Tuesday, the Karachi cotton market had a modest turnover with a volume of about 15,000 bales and the price was between Rs. 5,000 and Rs. 5,500/Monday.
Traders said that cotton prices fell by Rs. 50/Monday on Tuesday due to the expected arrival of new cotton.