By admin       2018-03-27

KARACHI: Slow trading activity was witnessed on the cotton market on Monday as textile millers looked for quality lint which was running in short supply. However, cotton prices remained steady due to intermittent buying from some needy spinners. Surprisingly, polyester yarn prices were raised further by Rs2 per kg to Rs162 per kg. Last week, polyester yarn rates were increased by Rs4 per kg. Meanwhile, market re­­ports suggest that ginners on their part are in a hurry to dispose off left over stocks ahead of the hot and dry weather as this will result in cotton bales losing weight due to moisture loss. Discouraging reports are coming from lower Sindh, where cotton sowing starts at this time of the year, but due to water shortage growers are facing difficulties. In many places growers have repeated the sowing more than one. There are also reports of water shortage in Punjab as India has held back on Pakistan’s rightful share of water. This is going to be a critical situation for the Rabi crops. The KCA spot rates were unchanged at week-end level. The following deals were reported to have changed hands on ready counter: 200 bales, Rahimyar Khan, at Rs7,900; 400 bales, Khan­pur, at Rs7,900; 1,000 bales, Haroonabad, at Rs6,400 to Rs6,700; and 200 bales, Vehari, at Rs6,800.

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