KARACHI: Ginners were reluctant to dispose of their depleted cotton stocks on Saturday in the hope to get higher price on strong demand created on fear of delay in new crop.
Floor brokers said that the fear is growing among spinners of facing raw cotton shortage for at least 30 days.
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The world cotton markets, however, continued to be easy and lacklustre compared to the local market.
Cotton Analyst Naseem Usman said that on an average the country’s spinning industry needs around 1.3 million bales per month whereas less than 200,000 bales are currently held by ginners from the last crop.
Published in Dawn, May 25th, 2014
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