Cotton prices Stable
Cotton prices Stable
Cotton Prices stable on active buying.
The local cotton market witnessed active buying on Wednesday as prices remained stable, dealers said.
Spot rates of the Karachi Cotton Association remained unchanged at Rs6,000 per maund and Rs6,430 per 40kg for average quality lint at the Karachi Cotton Exchange.
Seeedcotton (Kapas) prices also were little changed at Rs2,600 and Rs2,850 per 40kg in Sindh and Punjab respectively.
“Commodity prices could fall in the coming days as the Senate Standing Committee on Textile Industry recommended extension of 15 percent regulatory duty on yarn exports till August 26,” said Karachi Cotton Brokers Forum Chairman Naseem Usman.
“Monsoon is beneficial for the standing cotton crop on the Punjab cotton belt and there has been a substantial improvement in supply. But if the rains continue, it will have a negative impact.”
Approximately 10,000 bales of ginned cotton have been arriving in the market daily, while 82 ginning factories in Punjab and 25 in Sindh have been working presently, he said.
Market turnover stood at 4,500 bales, including 100 bales from Pakpattan at Rs6,225 per maund, 200 bales each from Pakpattan and Chichawatni, 800 bales from Burewala and 100 bales from Vehari at Rs6,200, 200 bales from Khanewala at Rs6,190, 400 bales from Burewala at Rs6,150, 200 bales from Burewala at Rs6,125, 100 bales each from Mirpur Khas and Sanghar and 200 bales from Shahdadpur at Rs6,100, 200 bales each from Mirpur Khas and Nooriabad, and another 300 bales from Kotri at Rs6,000, 600 bales in mill-to-mill deals varying from Rs6,000 and Rs6,200 and 200 bales each from Sultanabad, Shahdadpur and Hyderabad at Rs5,900.