A decline in consumption by spinning mills lead to drop in cotton prices. The country’s textile sector which consumed between 1.3 million to 1.4 million bales average monthly has plummeted to around 4 lakh bales since the start of Ramazan.
The Karachi Cotton Association (KCA) on Tuesday reduced its spot rate by Rs300 to Rs6,455. While, following were Tuesday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/32” micronair value between 3.8 to 4.9 NCL.
The following transactions were seen changing hands on the ready counter on Tuesday: 200 bales from Mirpur Khas at Rs6,350, 200 bales from Nooriabad at Rs6,350, and 200 bales from Kotri at Rs6,350.
The decline in consumption by Pakistani textile sector were due to increased duration of load-shedding for the textile sector during the holy month from eight hours to 12 hours by the government.
Another reason, arrivals in Punjab have also doubled as the factories were getting 50 to 100 maunds.
Although there is a downward trend in cotton prices seen in South Asian markets, But, India is the only country where the market is steady and prices are on rise.
Situation in the domestic market likely to see improvement as Indian cotton market has direct influence on Pakistan.
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