With ginners asking higher prices for quality lint amid firm demand from millers, trading activity on Wednesday cotton market failed to gain momentum.
Brokers said that prices remained on the higher side due to tight phutti supply and strong demand for lint from spinners. They added that presently phutti stocked by growers is finding its way to ginneries, otherwise, very little has been left behind in the cotton fields.
Floor brokers said that phutti (seed cotton) arrivals into the ginneries slowed down considerably at the fag-end of the current season also pushing cotton prices upwards.
With strong indications that textile exports would gain momentum due to free-market access given by the European Union, and Pakistani exhibitors’ participation in Heimtextil fair in Frankfurt getting good response from buyers, demand for quality lint seems to rise further.
The Karachi Cotton Association (KCA) left its spot rates unchanged and trading activity on ready counter was slow and restricted.
The following deals changed hands on ready counter on Wednesday: 200 bales from station Dharanwala at Rs7,000, 400 bales from Fort Abbas at Rs7,000, 200 bales from Haroonabad at Rs7,000, 200 bales from Vehari at Rs7,100, 200 bales from Shujabad at Rs7,150 and 1,862 bales from Sadiqabad at Rs7,175.
On the global front cotton markets generally remained firm, particularly India where higher demand from local industry and exports is keeping prices on the higher side.
The New York cotton market also moved higher while China is yet to enter world market as it still continues to release cotton to millers from its last year’s stocks.
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.