KARACHI: Trading activity on the
cotton market remained slow on Monday, however cotton prices were steady in the
midst of short supply of quality lint.Although many exporters of home textiles
who participated in the recently concluded Heimtextil, Frankfurt trade fair
returned with good number of orders from European, US and Middle Eastern buyers
but this did not reflect in cotton trade.A major issue currently is the short
supply of quality lint with rising demand from textile industry.Import
prospects are also diminishing because India itself is faced with short crop
while global cotton prices have also risen considerably.
Indian cotton exporters have cancelled international orders of 0.4 million bales
already. Now there are fears that out of the 0.5m bales ordered by Pakistani
importers last year, 0.2m bales would be cancelled.The rising trend witnessed
last week in world leading cotton markets was no more evident on Monday. Both
Chinese and Indian cotton closed easy while New York cotton remained close on
account of public holiday.
The Karachi Cotton Association (KCA) spot rates were firm at week-end level.The
following deals were reported to have changed hands on ready counter: 9,000
bales, Rahimyar Khan, at Rs8,000 to Rs8,075; 4,000 bales, Sadiqabad, at
Rs7,900; 400 bales, Khanewal, at Rs7,600; 600 bales, Garamore, at Rs7,000; 400
bales, Maroot, at Rs6,800; and 400 bales, Fort Abbas, at Rs6,800.
Source: Pakistan Tribune, Pakistan Wednesday, 17 January 2018