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Cotton prices under pressure on low demand

KARACHI: The cotton market  on Saturday  remained easy where selling from ginners put more pressure on lint prices amid limited off-take...

Cotton prices under pressure on low demand

KARACHI: The cotton market on Saturday remained easy where selling from ginners put more pressure on lint prices amid limited off-take from spinners and exporters.
The depressed demand for cotton in the domestic and the world markets is having negative impact on prices, brokers said.
They added that China, which had been a leading buyer of cotton in the world market, has stopped importing cotton since last year.
Phutti (seed cotton) arrivals continue to gain momentum with each passing day, exerting pressure on lint prices which fell by around Rs350 per maund during the week on ready trading.
Reports that no major damage was done by floods to standing cotton crop in Punjab forced growers to dispose of their held phutti stocks.
Lint prices of Sindh quality cotton dropped by between Rs250 and Rs300 per maund to Rs5,400 to Rs5500. Similarly, the Punjab quality lint after suffering losses is being quoted between Rs5,500 to Rs5,600 per maund.
The world cotton markets also remained under pressure where New York finished easy for all contracts. The Karachi Cotton Association (KCA) also cut its spot rates by Rs50, to Rs5,500 per maund.
The following major deals were made on ready counter: 3,000 bales Mirpurkhas at Rs5,475 to Rs5,550, 2,200 bales Sanghar at Rs5,450 to Rs5,550, 2,000 bales Tando Adam at Rs5,500 to Rs5,550, 1,200 bales Nawabshah at Rs5,575, 2,000 bales Khairpur at Rs5,550 to Rs5,600, 800 bales Khanewal at Rs5,650 to Rs5,675, 400 bales Chichawatni at Rs5,550, 400 bales Arifwala at Rs5,575 and 600 bales Haroonabad at Rs5,550.
The following are Saturday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16” micronair value between 3.8 to 4.9 NCL.

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