KARACHI: After staying steady throughout the week, cotton prices came under pressure on Saturday and closed easy. There were no new developments which could be reckoned for the reversal.

Dwindling demand for cotton forced ginners to lower prices for attracting buying. As a result, some spinners took benefit and lifted some small to big lot deals to meet their seasonal demand.

After improvement in flow irrigation water cotton, sowing is presently going on smoothly. There are reports that a large number of growers may shift from sugarcane crop to cotton which will help improve the production of latter.

Meanwhile, the Pakistan Cotton Standard Institution is striving hard to improve cotton quality and in this regard workshops and seminars are being held. Working is also being done for grading and classification of cotton in the country.

Textile Commissioner Ahmed Baksh Narijo is also holding meetings with cotton stakeholders for improving lint quality and production.

Stakeholders have unanimously said that without ensuring supply of certified cotton seed and pesticides, the production and quality of the commodity cannot improve.

While the domestic market remained under pressure owing to lack of buying from spinners, world leading cotton markets were firm with New York cotton closing over two cents higher on US Department for Agriculture figures of higher cotton exports.

The Karachi Cotton Asso­ciation (KCA) also reduced spot rates by Rs100 to Rs7,500 per maund.

The following deals were reported to have changed hands on ready counter: 1,000 bales, station Bahawalpur, at Rs7,100; 2,640 bales, Rajanpur, at Rs7,000; 600 bales, Pul Bagar, at Rs6,800; 600 bales, Shujabad, at Rs6,600; 200 bales, Haroonabad, at Rs6,230; and 1,000 bales, Mian Channu, at Rs6,100.

Published in Dawn, April 22nd, 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.