PAKISTAN: Spinners May opt for Import Due to High Prices on Cotton Market

Dullness prevailed on the cotton market started between spinners and ginners over the present trend in the prices. The Karachi cotton Association (KCA) official spot rate was unchanged at Rs 3700. Market sources said that continued fall in the NY cotton market, propelled the local spinners to think about the import of cotton due to lower priced as compare to the local rates. Earlier, they changed their idea of import of cotton to keep themselves away from lengthier procedure but now they may prefer to import as prices are matching with their psychological level, they said.

The other encouraging factor is better expectation for the new production of cotton as observers are quiet satisfied over the timely rains in the cotton growing areas, they said. The cotton futures ended slightly higher the now benchmark December cotton contract rose 0.03 cent to finish at 72.86 cents per lb, ranging from 71.75 to 72.90 cents. The spot July contract rose 0.11 cent to end at 64.32 cents, trading from 63.29 to 64.39 cents.

Source: Business Recorder