Karachi, March 22, 2013 (PPI-OT): Despite yesterday’s drop in cotton futures, stable conditions have persisted in the local cotton market. The tight local supply position has remained the major factor for determining prices. Mills have strived to resist paying high prices, with the result that a modest volume of business has been witnessed.
Better grade lots have been reported sold today at between Rs. 6800 and Rs. 7,100 per maund (84.35/88.00 US cents per lb) ex-gin. Average quality cotton has attracted around Rs. 6000 to Rs. 6600 per maund.
On the import front, sales have continued and further retail quantities of Indian Shankar-6 have been reported at around 94.00/95.00 cents per lb. CFR Karachi. Fine count spinners have concluded Egyptian Giza 86, Good/Fully Good at between 136.00/137.00 cents.
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Cotton World Services
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