Cotton prices moved higher on Wednesday on reports of Pakistan rejecting a consignment of around 10,000 bales of Indian cotton worth $3.3 million at the Karachi port by the Ministry of National Food Security and Research Department of Plant Protection as it was imported in violation of the country's Plant Quarantine rules. The consignment has to be returned by importers at their cost.
This shocked the local textile industry which had been advocating for allowing import of cotton from India on being cheaper owing to geographical proximity and a traditional supplier of cotton to Pakistan.
According to reports coming from Mumbai where a three-day annual conference on cotton was concluded on Wednesday, cotton traders in India generally felt that their government should also take similar measures to teach a lesson to Pakistan.
However, the market took the report of rejection of imported India cotton as a setback because it was being strongly felt that it would work as a double-edged sword, brokers said.
The ginners on their part have started to hold back their stocks in order to fetch better prices in the coming days. As a result, prices moved higher and spinners strived to get hold of big-lot deals, brokers said.
The Karachi Cotton Association left its spot rate unchanged.
Major deals that changed hand on the ready counter were: 2,000 bales from Saleh Pat (Rs6,275 to Rs6,300), 1,200 bales Rohri (Rs6,450), 1,800 bales Dharki (Rs6,500), 1,000 bales Ghotki (Rs6,500), 1,400 bales Haroonabad (Rs6,300 to Rs6,350), 1,600 bales Kabirwala (Rs6,625), 800 bales Yazman Mandi (Rs6,450 to Rs6,500), 800 bales Layyah (Rs6,550) and 800 bales Shujabad (Rs6,450).
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