The cotton market remained dull with not much activity on Monday as millers and spinners were lesser as buyers stayed away from proceedings. According to cotton analyst, local buyers are fed up with the inactive market; most of them are facing financial crunch as local yarn is still not in demand. Also a sharp fall in the dollar value against the rupee has further depressed cotton demand. Moreover, import of cotton yarn from India has pushed the demand of local stuff down.
The official spot rate was unchanged at Rs 6,850. Prices of seed cotton in Sindh per 40 kg were inert at Rs 2500-3200, in Punjab, rates also retained overnight levels at Rs 2500-3300, dealers said. In the ready session, around 1000 bales of cotton were reported to have changed hands between Rs 6800-7000: 200 bales, Karor Pacca, at Rs6,800; 400 bales, Bahawalpur, at Rs7,000 (conditional); and 400 bales, Kabirwala, at Rs7,000 (conditional).
The sudden fall in the dollar value is going to result in huge losses to exporters as export contracts are entered ahead of any season and price is fixed on the basis of dollar-rupee parity. Rupeeâ€™s appreciation is a cause of concern for exporters who entered into export contracts when the rupee was over Rs108 to a dollar.
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