The domestic cotton market continues to depict a lacklustre disposition where mills buying are mostly slow. The international cotton market is also mostly dull and drab. Moreover, the turnover in the market has been quite low in the recent past. It is generally believed that many of the Pakistani mills have already picked up the better quality of cotton locally, or have booked sizeable cottons for import for the current and later months. Therefore, in recent days cotton sales in the domestic market have been on a paltry scale. Indeed the merchants in Karachi have informed that cotton prices are down and depressed globally.
In Pakistan, textile industry sources claim that yarn and fabric prices are also down and very dull. Indeed most mills are said to be very concerned about to their business. Thus the daily activity in both the cotton and textile markets has dwindled sizeably.
Domestic mills are also continuing to complain about cloth being imported in to the country from India and China without taxes via Dubai which has impacted their business adversely.
On Thursday, the seed cotton (Kapas/Phutti) prices in both Sindh and Punjab are said to have ranged from Rs 2400 to Rs 3000 per 40 Kgs. Seed cotton prices are said to have declined by Rs 200 to Rs 300 per 40 Kgs this week in a very dull market.
Lint prices in Sindh are said to have ranged from Rs 5600 to Rs 7000 per maund (37.32 Kgs) on Thursday, depending on the quality. In the Punjab, the cotton prices are said to have ranged from Rs 6000 to Rs 7000 per maund, according to the quality. Traders added to say that for the lower grades of cotton the prices have fallen upto Rs 400 per maund.
Very low grade of 800 bales of cotton from Hala in Sindh was said to have been sold at Rs 5100 per maund (37.32 Kgs) on Thursday. Earlier, 200 bales of cotton from Rahimyar Khan in Punjab were said to have been sold at Rs 7000 per maund. This year (August 2017/July 2018) Pakistan is likely to harvest a cotton crop of about 11.6 million bales (155 Kgs) on an ex-gin basis. Reade More
