KARACHI: Cotton prices stayed steady on cotton market on Friday amid positive developments on local and global fronts.
The big import orders particularly from the US and Chinese importers will have a positive impact on the country’s exports and help reduce trade gap, besides helping the textile sector to come out of the woods and also work as an engine of growth for revival of industrial activity, observed cotton analyst Naseem Usman.
A large participation by Pakistani textile exhibitors at Heimtextil trade fair and getting good response owing to the ongoing dispute between US-China over trade tariffs reported to have opened up opportunity to Pakistani exporters.
Meanwhile, the world’s leading cotton markets remained mixed. The Karachi Cotton Association (KCA) kept its spot rates unchanged at overnight level of Rs8,700 per maund.
The following deals were reported to have changed hands on the ready counter: 1,000 bales, Khanpur Mehar, at Rs8,750; 400 bales, Rahimyar Khan, at Rs8,850; 500 bales, Khanewal, at Rs7,400 to Rs8,300; 400 bales, Chistian, at Rs8,000; 800 bales, Haroonabad, at Rs7,800 to Rs8,800; 400 bales, Hasilpur, at Rs8,000; 200 bales, Tonsa, at Rs7,400; and 200 bales, Kabirwala, at Rs6,700.
Published in Dawn, January 12th, 2019