Karachi, March 27, 2013 (PPI-OT): Steady conditions have prevailed in the local raw cotton market. Today’s sharp rise in futures in early trading has imparted some firmness to offering prices and, although mills have still remained on the sidelines observing market developments, holders of current crop remnants have again become very tight sellers.
Most ginners apparently still harbour hopes of a further price increase during the remainder of the season. Business in premium lots has been reported today at between Rs. 6,700/7,200 per maund (about 83.00/89.00 US cents per Ib), ex-gin, while average quality cotton has fetched around Rs. 6,000/6500.
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