KARACHI: Cotton prices remained under pressure on Monday as demand from textile spinners slowed down owing to shortage of liquidity and poor availability of quality lint.
Falling world cotton prices also impacted domestic prices which had been higher owing to short crop. As a result the official spot rate was also lowered by Rs100 to Rs8,900 per maund in line with falling ready counter rates.
The demand for quality lint is there but short supply has buyers left buyers disappointed, brokers said. However, many textile spinning mills compromised over quality and booked lower grade cotton which generated some activity, they added.
Polyester fibre prices were also reduced by Rs2 to Rs179 per kg.
Cotton prices on world leading markets also remained under pressure, though most closed easy.
The following deals were reported to have changed hands on ready counter: 400 bales, station Mirpur Mathelo, at Rs9,100; 400 bales, Ghotki, at Rs9,300; 1,000 bales, Rohri, at Rs8,350; 1,200 bales, Khairpur, at Rs8,150-8,300; 1,000 bales, Rahim Yar Khan, at Rs9,000; 1,400 bales, Yazman Mandi, at Rs8,350; 2,000 bales, Chichawatni, at Rs7,750-8,350; 1,000 bales, Faqirwali, at Rs8,300; and 600 bales, Haroonabad, at Rs8,300.
Published in Dawn, December 3rd, 2019