With buyers and sellers staying away from the proceedings kept cotton market conditions dull on Tuesday. The undertone was weak and outlook uncertain. However, low demand for cotton from the value-added textile sector is cited as another factor.
Moreover, slow demand for cotton yarn has forced many spinners to move cautiously and avoid building up their inventories.
The downward trend in world leading cotton markets has impacted the domestic market adversely.
At the Karachi Cotton Association (KCA) spot rates were lowered by Rs100 to Rs7,200 per maund. According to official report, no transaction was reported to have materialized on ready counter.
According to market sources, substantial quantity of Indian-origin grey cloth is making its way illegally via Dubai into the local market.
Chairman Pakistan Apparel Forum (PAF) Jawed Bilwani has already raised this issue with the government. A large number of local looms have closed down due to large quantity of Indian grey cloth which has flooded the market.
On global front, New York cotton closed easy for all future contracts while, Indian cotton declined between Rs100 to Rs200 per candy.
The Union Ministry of Textiles on Thursday signed MoUs with 15 States to create a strong operational framework for improving…
Heartland has announced the launch of a new textile business unit in India to increase the use of hemp fabric…
The Saudi Fashion Commission has announced the development of a bio-textile made from marine algae collected from the Red Sea…
The Council of Fashion Designers of America (CFDA) has announced two new initiatives aimed at strengthening fashion manufacturing in the…
The U.S. Cotton Trust Protocol has announced that Next Level Apparel, a supplier of blank apparel, has joined the program…
Harper Hygienics has launched Kindii Water Care, a new range of baby wipes developed to suit the needs of very…