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Karachi, April 10, 2013 (PPI-OT): Bearish conditions have prevailed in the domestic cotton market. The recent falls in New York cotton futures, and a downward correction in local yarn prices have led to some negative sentiment among buyers.
The worsening power load shedding problems in Punjab have also been a factor in mills’ resistance to higher cotton prices. Many ginners have held on to stocks for the prospect of better forward prices, but some weakness has been witnessed from ginners wanting to dispose of inventory.
Turnover has been limited. Many buyers have opted to wait-and-see for a clearer price direction. Business in better lots been reported at between Rs. 6,500 and Rs. 6,850 per maund (roughly 80.50/84.90 US cents per Ib), ac-gin. Average quality cotton has attracted around Rs. 5,900 to Rs. 6,400 per maund.
For more information, Contact:
Mohammad Shoaib
Cotton World Services
Email ID: mshoaib@cottonworldservices.com
Contact: 03002997979 / 03139202169 / 03002045514
Web: http://cottonworldservices.com/