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Business

August 21, 2010

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Cotton spot rate falls on improved supply

Cotton spot rate falls on improved supply
KARACHI: Spot rate of average quality lint declined by Rs200 to Rs6,500 per maund on Friday amid better supply of raw cotton in the country, dealers said.
About 45,000-50,000 bales of raw cotton have been arriving daily in the market from 150 ginning factories out of the total 1,215, after many weeks of torrential rains and floods, they said.
“As soon as the commodity’s supply increases, raw cotton prices will fall in the market,” said Karachi Cotton Trader Shakeel Ahmed.
“There are market reports suggesting that the government is about to lift taxes on cotton imports from India. If this turns out to be true, prices will go down sharply because the textile sector urgently needs to import 3.5 million bales of cotton.”
Ahmed said tax exemption on Indian cotton imports would be a big relief to mill-owners as Indian cotton is better in quality than that of Pakistan’s.
Market turnover swelled to 14,500 bales of raw cotton (170kg each) including 3,200 bales from Burewala, 400 bales each from Khanewal, Gojra, Ghaziabad and 1500 bales from Chichawatni varying between Rs6,550 and Rs6,900 per maund; 3,600 bales from Mirpur Khas, 1,800 bales from Shahdadpur, 2,000 bales from Tando Adam, 400 bales each from Sanghar and Hyderabad, 200 bales each from Hala and Khipro ranging between Rs6,075 and Rs6,250 per maund.
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