Karachi, April 12, 2013 (PPI-OT): Stable conditions have prevailed in the local cotton market. Further to yesterday’s correction in New York cotton futures, cotton prices have been maintained at current levels. Some gap filling buying has also provided support. Ginners have generally remained tight sellers, while mills have exercised a lacklustre buying approach.
Turnover has remained small. Retail business for better grade lots has been reported today between Rs. 6500 and Rs. 6,850 per maund (around 80.65/85.00 us cents per Ib), ex-gin. Raw cotton export registrations and shipments According to the Trade Development Authority of Pakistan, raw cotton export registrations from August 1 to April 7 totalled 501,011 bales (including 16,659 bales of 2011/12 crop), and shipments totalled 368,756(65,201).
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