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.
Source: The Dawn, Pakistan Friday, 22 February 2019