Pakistan Cotton price falls on renewed pressure –
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Pakistan Cotton price falls on renewed pressure

2016-10-31 09:03:58 Dawn

Renewed selling pressure pushed cotton prices lower in line with global trend on Wednesday. Spinners suddenly withdrew to the sidelines and only indulged in small-lot deals to meet their near future demand.

Floor brokers said that sluggish performance by cotton yarn and fabric markets kept spinners nervous who have restricted their buying activity to avoid huge losses.

The crisis-ridden textile industry faced with high cost of doing business and liquidity crunch has taken cautious approach after failing to get any support from the government, they added.

Barring small lot deals, spinners generally preferred to stay away which renewed pressure on cotton prices on panic selling from ginners. Phutti (seed cotton) prices also came under pressure and fell by Rs50 for both Sindh and Punjab qualities.

The New York cotton market for the second consecutive session moved lower for all future contracts.

The Karachi Cotton Association cut its spot rate by Rs50, to Rs5,950 per maund (around 37 kilograms).

Major deals on the ready counter were: 1,000 bales from Shahdadpur (Rs5,750 to Rs5,800), 1,400 bales Nawabshah (Rs5,900 to Rs5,950), 4,000 bales Khairpur (Rs6,075 to Rs6,115), 1,400 bales Rohri (Rs6,100 to Rs6,150), 1,400 bales Saleh Pat (Rs6,100 to Rs6,150), 1,000 bales Rajanpur (Rs6,150), 1,000 bales Fort Abbas (Rs6,175 to Rs6,200), 1,800 bales Rahimyar Khan (Rs6,225), 800 bales Haroonabad (Rs6,200 to Rs6,225) and 200 bales Liaquatpur (Rs6,225).