MULTAN: Prices on the cotton market stayed stable on Thursday though phutti (seed cotton) arrival remained slow consecutively for the second day. The Karachi Cotton Association also kept its spot rate on fixed at Rs8,400.

Phutti prices were recorded between the range of Rs3,500-4,100.

Cotton experts said phutti arrival remained limited as growers have halted the picking process due to low prices currently being offered. However, slow arrival has resulted in price stability.

According to experts, Senate Standing Committee on National Food Security and Research in April last had asked the government to set minimum support price for cotton to ensure that growers earn reasonable profit on their crop. However, so far the government has ignored the recommendation. The government should intervene to safeguard and protect the interests of cotton growers who are worried because declining trend in the prices of cotton, they added.

According to sources, growers in Punjab are switching to maize while those in Sindh are opting for sugarcane.

This is an alarming situation and will cause losses to the country`s economy, the sources added.

Meanwhile the Punjab government has announced to constitute cotton revival committee which will comprise of cotton growers, cotton scientists, government of ficials and experts. The committee will devise both shortand long-term policies.

The following transactions were reported to have changed hands on the ready counter:400 bales, Sadigabad, at Rs8,700; 2,000 bales, Rahim Yar Khan, at Rs8,600; 200 bales, Bahawalpur, at Rs8,400; 200 bales, Hyderabad, at Rs7,850; 600 bales, Sanghar, at Rs7,9008,000; and 1,400 bales, Tando Adam, at Rs7,800-8,000.