KARACHI: Lacklustre conditions prevailed on the cotton market on Wednesday as buyers withdrew to the sidelines amid higher asking prices for quality lots.

According to market estimates, ginners’ unsold stocks shrank to around 0.4 million bales.

Meanwhile, reports suggest there is some improvement in the flow of irrigation water with scattered rains in Sindh and Punjab.

The government has fixed next season’s cotton crop production target at 14.37 million bales, which is on the higher side unlikely to be achieved. Cotton analyst Naseem Usman said that after fixing such high targets the successive governments never look back and monitor the crop.

He recalled that the highest cotton production of around 15m bales was achieved in 2013-14, all successive seasons witnessed crop failures with output around 10m to 11m bales.

The world leading markets were firm with New York cotton closing higher for all futures contracts. Indian cotton was also steady on reported demand from China.

The Karachi Cotton Association (KCA) left its spot rates steady at overnight level. Late in the evening on the ready market only one deal of 400 bales from Khanewal was finalised at Rs7,800.

Published in Dawn, April 12th, 2018

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.