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Cotton spot rates fall by Rs 100

19
May '10
Low trading on domestic cotton market and dearth in the available stocks, has resulted reduced the spot rates, as the current prices have side-tracked the buyers and it has also increased the demand, which is more than the supply, informed officials from the Karachi Cotton Exchange (KCE).

In the last week, spot rate of Karachi Cotton Association (KCA) fell by Rs 100 touching Rs 6,600 per maund from Rs 6,700, as several deals were signed within the range of Rs 6,200 – 6,500 per maund. However, dealers aver that, the first day of the week showed no signs of activities for the garment business.

With the ban on cotton exports from India and increased prices of raw cotton in global markets, Pakistani domestic spinners are under tremendous pressure. Also, with the non-availability and dearth in cotton yarn in the market, millions of dollars worth home furnishings, garments and fabrics, meant for exports, are in danger.

As per dealers, due to non-availability of yarn in the local market, prices of finished products have increased. In addition, these goods are no more competitive enough in the global markets, owing to their higher cost of manufacturing.

Meanwhile, cotton trade has turned low-key, as mill-owners are busy conducting meetings thinking of a plan against government's decision, of imposing 15 percent regulatory duty on exports of yarn.

Fibre2Fashion News Desk - India


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