With higher arrivals of phutti (seed cotton) and increased selling by ginners, cotton prices witnessed drop on Thursday. At the beginning ginners indulged in panic-selling which further pushed down lint prices as millers and exporter showed very little buying interest.
Exporters are facing difficulties in meeting export parity due to falling prices world over. Cotton prices are currently under pressure with China reducing its buying which is the single largest importer of cotton and cotton yarn.
Moreover, the domestic market has been also affected by severe power and gas crisis, particularly in Punjab where textile industry is not functioning on full capacity.
The Karachi Cotton Association (KCA) again reduced its spot rates by Rs200 per maund. The KCA has reduced Rs450 in the last four days.
The following major deals were reported to have transpired on ready counter: 2,000 bales Mirpurkhas at Rs5,000 to Rs5,050, 1,400 bales Sanghar at Rs5,000 to Rs5,050, 1,000 bales Hyderabad at Rs5,000 to Rs5,100, 1,000 bales Kotri at Rs5,000 to Rs5,100, 1,200 bales Shahdadpur at Rs5,000 to Rs5,150, 1,400 bales Tando Adam at Rs5,000 to Rs5,150, 2,000 bales Khairpur at Rs5,200 to Rs5,250, 600 bales Burewala at Rs5,200, 400 bales Hasilpur at Rs5,250, 400 bales Rajanpur at Rs5,250 to Rs5,400, 400 bales Layyah at Rs5,250.
The following are Thursdayâ€™s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16â€ micronair value between 3.8 to 4.9 NCL.
On global front, the New York cotton market failed to extend overnight recovery where all the future contracts once again slipped back on renewed selling pressure.
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