Cotton supply increases by 8%, bales unsold by ginners as prices become susceptible to increase

Cotton supply increases by 8%, bales unsold by ginners as prices become susceptible to increase

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KARACHI: On Thursday, cotton trading activity turned slow as buyers withdrew to sidelines. The dynamic market behavior is in line with the end season trading pattern witnessed each year.

Though demand for quality cotton still exists but with ginners demanding increased prices, needy spinners have been left flabbergasted.

Barring a few small lot deals, trading remained slow and prices also slightly came under pressure.

So far, exporters have bought 2,16,615 bales.  The total bales sold out so far were calculated at 1,09,54,405 bales.

While 5,97,847 bales are lying unsold because some ginners are waiting for higher prices of cotton in market.

Meanwhile, experts stressed upon the need for producing premium quality cotton. The said supply of certified seeds to growers must be ensured. It was also observed that the crop size should also be enhanced along with quality, with the ultimate goal of producing contamination-free cotton.

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The proceedings were also attended by the Textile Commissioner. Many stakeholders expressed their concern over deteriorating size and quality of cotton crop which explains why it demanded the government to take serious measures to reverse the process.

The world leading cotton markets including New York cotton closed easy but Indian cotton remained on higher side. Demand for Indian cotton from China is keeping prices high.

The Karachi Cotton Association (KCA) spot rates were steady at overnight level.

The following deals were reported to have changed hands on ready counter: 200 bales, station Sadiqabad, at Rs7,800; 400 bales, Yazman, at Rs6,600, 1,200 bales, Lodhran, at Rs6,600; and 300 bales, Bahawalpur, at Rs6,600.

 

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