Ginning factories closed amid low cotton stocks
Business
KARACHI: Local cotton market remained sluggish in the week, largely owing to dollar depreciation, dwindling yarn
demand, erratic global trends, and Ramzan timings, with ginners mostly opting to suspend their operations, traders said.
Traders were mostly expecting the slowdown to continue in the coming days, saying Covid-19 had affected the trade globally, which had also resulted in the less demand in the local market, which also came under the influence of the international markets.
The cotton season has almost ended and ginners are left with less than 60,000 bales that are also being sold gradually, as the lint was being purchased by some mills. However, trade volume is very low and almost all ginning factories have closed their operations.
Cotton prices fall Rs400 per maund to Rs10,800 per maund
Business
April 11, 2021
KARACHI: Cotton prices fell Rs400 to Rs10,800 per maund as spinners showed reluctance to make purchases, traders said on Saturday.
They said interest of spinners further declined in purchase of cotton that resulted in a drop of the official spot rate fixed by the Karachi Cotton Association.
Chairman Karachi Cotton Brokers Association, Naseem Usman, told The News that international markets witnessed fluctuation during the outgoing week. In the New York Cotton Market, rates had gone down to 77 cents per pound, which again increased to 82 cents per pound.
Cotton rates in the international market fluctuated during this period while local stocks are left below than 85,000 bales only.
Business
January 3, 2021
KARACHI: Cotton spot rate has reached to this season’s high of Rs10,200 per maund, taking cue from uptick in international prices, while laggard production estimate kept panic buying up, industry people said on Saturday.
Karachi Cotton Association’s spot rate committee increased the spot rate by Rs250 per maund to the highest spot rate of Rs10,200 per maund.
Price hike was also recorded in the international market, said Naseem Usman, chairman of Karachi Cotton Brokers Association. New York Cotton Market’s futures increased to 78 cents per pound, which is highest rate of the season.
US exports remained lower by 30 percent during the week. Dollar rate also decreased during the week. Cotton rates, however, increased despite of 25 December holiday, bank closing and threats of Covid-19, said Usman.