Uncertainty on cotton market
KARACHI: Cotton prices on Friday remained under pressure as buyers restricted their activity to meet near future demand.
Trading was impacted adversely due to uncertainty on the currency market and falling cotton prices internationally. The cautious approach by spinners eventually forced ginners and growers to reduce prices.
Cotton prices came down between Rs100-150 per maund. Similarly, phutti prices declined in the range of Rs100-200 per 40 kg for all varieties.
Meanwhile, reports suggest that spinners have booked around 1.8 million bales for import.
The world leading cotton market also closed easy including New York, India and China.
The Karachi Cotton Association (KCA) spot rates were further cut down by Rs100 to Rs8,650 per maund.
The following deals were reported to have changed hands on ready counter: 1,200 bales, station Shahdadpur, at Rs8,300-8,600; 800 bales, Tando Adam, at Rs8,300-8,450; 1,400 bales, Nawabshah, at Rs8,300-8,550; 4,000 bales, Khairpur, at Rs8,600-8,700; 1,200 bales, Saleh Pat, at Rs8,700-8,850; 4,800 bales; Rahim Yar Khan, at Rs8,800-8,900; 2,200 bales, Sadiqabad, at Rs8,800; 4,400 bales, Rajanpur, at Rs8,500-8,750; 2,200 bales, Yazman, at Rs8,600-8,700; 1,600 bales, Bahawalpur, at Rs8,600-8,650; 1,200 bales, Layyah, at Rs8,600; and 800 bales, Haroonabad, at Rs8,500.
Published in Dawn, October 27th, 2018
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