October 20, 2016Print : Business
Cotton demand remained higher on Wednesday, as 32,400 bales were traded in Sindh and Punjab regions. The spot rates at the Karachi Cotton Exchange closed flat at Rs6,050/maund, while the commodity was actually traded at the rates ranging from Rs5,650/maund to Rs6,300/maund.
Dealers said the demand was higher from the millers and exporters; however, there was enough supply to cater to the demand by the spinners to meet the orders from other textile and garment manufacturers.
Growers have sown more corn and sugarcane this season and reduced cotton acreage. Corn and sugarcane producers benefit from tariffs that insulate domestic market prices from the international market, while cotton producers face lower prices and competition from cotton imports.