The Pakistani domestic cotton market continues to remain dull with low demand for cotton yarn and cotton prices moving lower on Thursday. Also the recent strength gained by the Indian rupee and weaker Chinese currency have somewhat checked yarn exports from India to China.
The availability of cheap Indian cotton yarn in the local market has plunged with the passage of time due to appreciation in the value of the Indian rupee versus the dollar.
Nevertheless, slow off-take of cotton yarn in the domestic market continues to adversely affect cotton trade as spinners not wanting to enter into fresh deals. Barring some interest shown by exporters in low quality lint, the market lacked trading interest.
The Karachi cotton Association cut its spot rates by Rs50 to Rs6,500 per maund.
In ready cotton sales, 200 bales of lower quality cotton from Khanewal in Punjab reportedly sold at Rs 5,400 per maund (37.32 Kgs), while 300 bales from Depalpur have been sold at Rs 6,500 per maund.
Following deals were recorded to have changed hands on the ready counter: 1,100 bales, Sui, at Rs5,400; 558 bales, Ghotki, at Rs6,200; 400 bales, Karampur, at Rs6,550; 1,400 bales, Khanpur, at Rs6,600; and 1,000 bales, Rahimyar Khan, at Rs6,500.
The world cotton markets also remained easy where Chinese cotton stocks have come down considerably. The New York cotton gave mixed trend where far-off contracts ended with fresh gains and near-future contracts closed easy.
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