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Spinning mills in Pakistan expect cotton price to decline
15
Oct '11
Leading spinning mills in Pakistan are expecting cotton price to decline in near future and are currently sidelining themselves from buying activity.

The Karachi Cotton Association (KCA) spot rate of cotton declined by PKR 100 to PKR 6,350 per maund.

Cottonseed was traded between PKR 2,300 to 3,000 per maund in Punjab, while it was traded between PKR 2,400 to 2,800 in Sindh, depending on grade.

As ginners tried to raise prices, spinners remained in the sidelines as they expected the prices to come down in few days with increased arrival of raw cotton. As a result reduced cotton trading activity was witnessed. Only about 10,000 cotton bales were physically traded in the price range of PKR 6,075 and 6,600.

Currently, the arrival of raw cotton (phutti) is good and the Pakistan Cotton Ginners Association (PCGA) is expected to export cotton to Turkey in the coming months, leading to stabilization of cotton prices.

According to experts, the domestic cotton prices in Pakistan are in sync with the price quoted on New York cotton futures, which is declining owing to reports of bumper cotton harvest across the globe.

Fibre2fashion News Desk - India

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