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. Rupee’s appreciation is a cause of concern for exporters who entered into export contracts when the rupee was over Rs108 to a dollar.
The LYCRA Company has joined forces with Qore, a collaboration between Cargill and HELM, to make the world’s first large-scale…
Pakistani denim manufacturer Soorty has partnered with zero-waste designer Decode to create a modern and sustainable version of the jumpsuit…
Puma released its new Re: Suede 2.0 sneaker after a successful trial study which showed that the footwear could be…
A new supply chain rule, endorsed by the European Parliament, is set to enhance labor and environmental standards in the…
Freitag introduces the Mono[P6], a fully circular backpack developed over three years, crafted from a single material, emphasizing simplicity for…
Hellmann’s Canada collaborates with ID.Eight to unveil a special-edition trainer, ‘1352: Refreshed Sneakers,’ made from food waste materials like corn.