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Lint prices drop sharply on the cotton market
19 Jul '10
1 min read
Last week, cotton prices fell further as cotton plucking from fields surged post the recent downpour, informed dealers. Karachi Cotton Association (KCA) spot rate fell by Rs 200 to Rs 6,900 and in the ready business too rates fell steeply by almost Rs 400, 5,000 cotton bales changed hands in the range of Rs 6,000-7,050, averred dealers.
In Sindh, the Phutti rates were lesser at Rs 2,700-2,750 and in Punjab the rates were down at Rs 2,700-3,000, further added the dealers. As per market talks, the standing committee of Parliament on textile is considering extension of the 15 percent Regulatory Duty on cotton yarn exports till August 26, instead of the earlier date of July 26.
However, industry experts opine that, the slump in rates was expected, owing to prospects of good production, which was due to favourable weather. It seems that, now the market might move on the demand and supply aspects, as it looks that, tentative elements turn more active after creating a furor over dearth of stuff, continued experts.
In Sindh, the Phutti rates were lesser at Rs 2,700-2,750 and in Punjab the rates were down at Rs 2,700-3,000, further added the dealers. As per market talks, the standing committee of Parliament on textile is considering extension of the 15 percent Regulatory Duty on cotton yarn exports till August 26, instead of the earlier date of July 26.
However, industry experts opine that, the slump in rates was expected, owing to prospects of good production, which was due to favourable weather. It seems that, now the market might move on the demand and supply aspects, as it looks that, tentative elements turn more active after creating a furor over dearth of stuff, continued experts.
Fibre2Fashion News Desk - India
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