Pakistan reports quiet trading
Local trading has remained much the same: slow offtake from mills and firm asking prices (unchanged from yesterday) from ginners. Ginners’ unsold stocks are now estimated to be well under 150,000 bales.
Some mills have covered supplies on a hand-to-mouth basis while some have turned to reducing throughput, so as to minimise losses. For their part, ginners have relaxed their credit terms in an attempt to secure their asking price.
As for raw cotton imports, some enquiry has persisted for West African, already afloat, but little volume has changed hands. BOLA/s, 1-1/16” has commanded 65.00/65.50 cents per lb CFR Karachi. Indian DHC-32 has been traded in the high 90 cents per lb range and modest quantities of Turkmen lower grades have once again found buyers. Pakistan new crop arrivals should commence on a small scale in around a month’s time so mills are resultant to cover their forward requirements in the import market.
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