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Ginners trying to delay ginning process in
Sindh and Punjab
KARACHI (April 29
2004): Ginners trapped with unsold cotton have
started expressing nervousness and are making
efforts to delay the ginning process both in Sindh
and Punjab.
Everyday a statement is being issued that the
ginning would start in September in Sindh, while
in Punjab it will start in October.
"We have information that since the sowing was
late in Sindh because of shortage of water, the
cotton crop would come late in the province," a
ginner in Karachi said.
Ginners found it difficult to sold out their
stock, as the spinners were reluctant to buy from
the local market.
The industry sources said that the ginners still
have one million bales of unsold cotton.
The prices are also coming down in the local
market, which is chilling for the ginners. They
want to sell their stocks before the arrival of
fresh crops.
The textile mill-owners had already imported 1.3
million bales, which put them in a position to
hold back and wait for further decline in the
local market prices.
Ginners said that the international market of
cotton has started increasing which would
strengthen the prices in the local market.
However, there is a prediction in the world market
that all cotton growing countries, including
China, Central Asian States and US would produce
more than the previous year.
Courtesy Business Recorder
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Pakissan.com; Advisory Point
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