KARACHI: Trading on the cotton market on Tuesday was highlighted by a record rise in lint prices. Trading activity resumed and many spinners were able to get hold of quality cotton.
Trading volume stood fairly brisk to moderate. Spinners are optimistic about receiving higher orders from China for yarn.
Buyers sought quality cotton and a big deal of 1,600 bales from Ghotki was done at seasonal high rate at Rs8,125 per muand.
Meanwhile, the textile industry is complaining about high cost of doing business and shortage of utilities. According to All Pakistan Textile Mills Association, a large number of spindles have closed down.
After the imposition of 25 per cent duty on all imports including cotton from United States, the import of Indian cotton by China has increased – proving to be a boon for the Indian cotton trade. As a result, cotton prices in India are consistently rising and a day earlier rose by Rs200 to Rs41,600 per candy (356 kg). New York and Chinese cotton were steady.
The Karachi Cotton Association spot rates were also revised upward by Rs100 to Rs7,600 per maund.
The following deals were reported to have changed hands on ready counter: 1,600 bales, station Ghotki, at Rs8,125; 1,655 bales, Daharki, at Rs7,700; 600 bales, Rahimyar Khan, at Rs7;500; 600 bales, Layyah, at Rs6,900; 1,800 bales, Vehari, at Rs6,600; 800 bales, Fort Abbas, at Rs6,375 to Rs6,450; and 1,000 bales, Bahawalnagar, at Rs6,300.
Published in Dawn, April 18th, 2018
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