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Demand for prime quality cotton rises
KARACHI,April 19:
Return of spinners and mills to the cotton market
in order to secure themselves amid fears that
ginners may hold on to their positions following
rising trend in the international market,
bolstered cotton prices on Saturday.
"As the current season is coming to a close, the
appetite of spinners and mills for prime quality
cotton increases, which is a good factor for the
market," a market player said.
He said that unsold inventories with ginning
factories were not sufficient to meet the
requirements of spinners and mills - neither
quantity wise nor quality wise - as around 50 per
cent of the stock was not fit for producing
high-count yarn.
"Those textile mills which are producing export
quality yarn are finding it difficult to obtain
prime quality lint cotton and most of them may
fail to meet their requirements," an exporter
said.
On the other hand, those who have prime quality
stocks seemed to be in the grip of a price crisis
in the absence of clear market sentiments. They
are hoping for a sympathetic rise in local prices
in view of rising trend in the international
market.
The commercial exporters, who are the second
largest source for the disposal of local lint
cotton, are purchasing low and medium grades, an
exporter said.
The increase in world cotton prices above 60 cents
has altogether changed the markets’ scenario
elsewhere, but its fallout on the local market was
more than bullish, dealers said.
Spinners also followed the world market trend and
resumed covering operations, as ginners were
reluctant to lower prices.
Ready off-take was active as till late in the
evening about 17,490 bales had changed hands.
Following are the some notable deals: 2,247 bales
of Rohri were sold at Rs2,925, 1,370 bales of
Khanpure Sajha at Rs2,925, 1,375 bales of
Bagh-o-Bahar at Rs2,885 and 200 bales of Nuwakot
at Rs2,800, 400 bales of Junda Goth at Rs2,800 and
200 and 300 bales of Rahim Yar Khan at Rs2,900 and
Rs3,000 respectively.
Market sources are expecting 150,000 to 200,000
bales for mill off-take and around 55,000 phutti
arrival in the ginneries.
The News International, Pakistan
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Pakissan.com; Advisory Point
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