Mills and spinners kept on the sidelines as ginners were not ready to oblige them in anticipation of rise in prices in times to come. Hence, limited number of deals were finalized on the cotton market on Monday. The official spot rate also remained unchanged at Rs 5300, dealers said.
In the ready session, over 2,000 bales of cotton changed hands between Rs 4300 and Rs 5500 (conditional). The prices of seed cotton in Sindh were at Rs 1900 and Rs 2500 and in Punjab rates were at Rs 2200 and Rs 3000.
Cotton analyst, Naseem Usman attributed the fall in volume of business to cautious buying by spinners as selling rates were mostly based on quality of lint. In fact, the buyers were mulling that the sellers may bring down rates, after the Pakistan Cotton Ginners’ Association (PCGA) report, which is showing cotton production went up by 11 percent to 14.8 million bales.
The following deals were reported: 400 bales of cotton from Moro sold at Rs 5500, 227 bales from Kandiaro sold at the same rate, 540 bales from Rohri at Rs 4300 and 1000 bales from Bahawalpur at Rs 5000.
The ginners were holding lint cotton because they are not in a hurry to dispose off unsold stock due to better-than-expected profit in the near future.
DKNY and Dubit have introduced a virtual collection of handbags, hats, and jackets from its new 'Heart of New York'…
Archroma, a leading provider of sustainable specialty chemicals, is set to unveil a comprehensive array of denim solutions at the…
Xefco has successfully secured US$6.9m in funding to advance the commercialization of its groundbreaking water-free textile dyeing and finishing solution.
Researchers are exploring mushroom roots, mycelium, as a sustainable alternative to synthetic fibers in various products, including clothing and car…
Coachtopia has partnered with upcycle designers worldwide to give a fresh look to its popular Ergo bag, highlighting sustainability through…
France announced that the G7 will focus on tackling the environmental and climate effects of the fashion and textiles sector…