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Friday, March 29, 2024

Firm cotton prices on tame business

Prices remained firm on tame businesses in the cotton market, on Monday, 29th May 2017; said was so by a dealer. Official spot rate remained unchanged at 6850 Pkr. Furthermore, no business activity was reported in the ready session, said the sources.

Conferring market sources, the small stock of unsold cotton that is with the ginners, forced them to raise the price, however, some leading spinners and mills do not seem interested in the new deal because of the quality factor. Mr. Naseem Usman, the quality analyst, said that the ginner has around 100,000 bales of unsold stock, for this reason, they are not supposed to earn profit but the spinners and mills are not ready to accommodate them. He said further that, the local marker was showing a bearish trend because of the lack of fresh leads.

As the Chinese and US markets were closed on Monday due to the holiday, the impact was seen on the entire market. On the other hand, the Pakistani textile marker does not seem much satisfied because of the un-encouraging steps taken by the government, as it failed to announce the expected relief package and incentives for the sector. An amount of new crop is expected to arrive by the mid of June, this year. Until that time the buyers have to wait for the expected fine quality, said the experts.

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