The Pakistani local cotton market did not see much trading activities happening as spinning mills and exporters stayed kept themselves away from the market. There was a decline in cotton yarn sales. Weak domestic cotton market conditions are not well for the cotton economy of Pakistan.
According to brokers at the Karachi cotton exchange, government needs to ban import of cotton yarn from India or at least impose a duty to safeguard the local industry. As quite a lot of textile millers and cotton yarn manufacturers instead of manufacturing it themselves are importing yarn from India as the landed cost of the Indian yarn is turning out cheaper than manufacturing in Pakistan.
Few trading activities are reported by the Karachi Cotton Association (KCA). Traders exchanged a total of 3,500 bales (155 kilograms each) at Rs5,900 to Rs6,375 per maund as compared to 3,200 bales traded at Rs5,900 to Rs6,400 per maund a day ago.
Lint prices for the current season (2013-2014) reportedly ranged lower from Rs 5,000 to Rs 6,200 per maund (37.32 Kgs) according to the quality in Sindh. In the Punjab , it ranged from Rs 5,600 to Rs 6,400 per maund where business was very slow on Thursday. Yarn prices are also down in a dull market.
This situation is likely to last till June 2014 when the market may find a new balance to adjust itself with the appreciated rupee and the rampaging textile workers are pacified before the arrival of the new crop (August 2014-July 2015).
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