According to Pakistan’s “News” report, affected by the news that the 15% cotton yarn export regulatory tax may be extended for one month, the on-site transaction price of medium-quality raw cotton at the Pakistan Karachi Cotton Association fell by 700 rupees per maund (approximately 82 pounds) 6,000 rupees (approximately 85 rupees per US dollar). Due to the shortage of market supply, the on-site transaction price of Pakistan’s raw cotton reached a historical high of 7,350 rupees per maund on July 7. For the same reason, the price of seed cotton in Pakistan’s Sindh and Punjab provinces dropped sharply from a high of 3,500 rupees per 40 kilograms to the current 2,400-2,500 rupees within one week.
Usman, chairman of the Karachi Cotton Brokers Forum, said that if the above-mentioned extension of the cotton yarn export regulation tax is confirmed, the price of raw cotton will further fall back to 5,000 rupees per maund.
