The Newspaper's Staff Reporter
February 07, 2018
KARACHI: Lacklustre conditions prevailed on the cotton market on Tuesday, with buyers and sellers staying away from the proceedings. The undertone was weak and outlook uncertain. The downward trend in world leading cotton markets has impacted the domestic market adversely. However, low demand for cotton from the value-added textile sector is cited as another factor.
According to market sources, substantial quantity of Indian-origin grey cloth is making its way illegally via Dubai into the local market. Chairman Pakistan Apparel Forum (PAF) Jawed Bilwani has already raised this issue with the government.
He said that a large number of local looms have closed down due to large quantity of Indian grey cloth which has flooded the market. Moreover, slow demand for cotton yarn has forced many spinners to move cautiously and avoid building up their inventories.
In international markets, Indian cotton declined between Rs100 to Rs200 per candy while New York cotton also closed easy for all future contracts. The Karachi Cotton Association (KCA) spot rates were lowered by Rs100 to Rs7,200 per maund. According to official report, no transaction was reported to have materialised on ready counter. (Source: dawn.com)