Commodities: Cotton prices under pressure
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KARACHI: Cotton prices came under pressure in line with world markets on Thursday.
The world leading cotton markets including New York reeled back amid slow buying.
The slow demand for cotton yarn kept spinners away from the proceedings and only some needy small units were seen in the trading ring. As a result, the official rates were lowered by Rs100 per maund.
The sudden fall in Indian exports seems to have inhibited policymakers to include cotton exports in banned items list. On domestic front current spell of rains in Punjab and upper Sindh is taken as a blessing.
The Karachi Cotton Association spot rates were lowered by Rs100 to Rs8,500 per maund.
Trading volume once again remained extremely low on ready counter where only two deals transpired: 400 bales from Sui, done at Rs8,450 and 1,000 bales, Lodhran, at Rs8,550.
Published in Dawn, February 22nd, 2019
