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New crop cotton to create balance in prices
KARACHI (April 07 2004): New cotton crop, expected
to arrive at the end of June, would create a
balance in the prices, helping the textile
industry to get their requirement at reasonable
cost, said ginners.
They said that next crop of cotton would not be
underestimated as it was done last year which
resulted in record high prices of Rs 3700 per
maund.
"Cultivation in lower Sindh has started. Though it
is at initial stage but soon it would be speed
up," said a ginner.
"The world cotton production would be much higher
this year and it will not allow the ginners to
keep talking about low production. It will be a
risk to hold stocks of cotton as the spinners can
easily get good cotton from international market,"
said a spinner.
The ginners experienced negative impact of wrong
prediction this year as they are still waiting to
sell their stocks of over 1.2 million bales and
prices are coming down causing them losses.
Courtesy Business Recorder |
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Pakissan.com; Advisory Point
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