Karachi, April 11, 2013 (PPI-OT): Subdued conditions have today prevailed in the local raw cotton market. The continuous drop in futures along with a lack of active buying from domestic mills has contributed to a negative mood, as has the rather lacklustre yarn demand reported lately by most spinners.
The recent severe power shortages in Punjab have attracted vociferous criticism from the textile industry. However most of the better quality raw cotton stocks remain in strong hands, with holders of such stocks confident that the paucity of current crop remnants will ensure higher prices during the remainder of the season. Retail business in premium lots has been reported today between Rs. 6500/6850 per maund (about 80.50/84.75 US cents per Ib), ex-gin. Import activity ha5 remained negligible over the last few days.
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Cotton World Services
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