Pakistan: import demand persists
Local lint values have continued to breach new highs for the current season on the back of very firm seed cotton prices, dictated by growers. Some lint transactions occurred last night at the higher levels (upper Sindh/Punjab better qualities at rates as high as Rs.5,500 per maund, Rs.150 more than the top of yesterday’s range). The general belief in mill circles now is that the rise has been overdone and that a correction is foreseeable.
In the meantime, however, import interest has persisted and more business has ensued, Burkina Faso BOLA/s 1-1/16” having changed hands at around 64.00 US cents per lb and today at 50/75 cent points more, CFR Karachi, for prompt shipment. More Indian new crop (30 mm staple) has been bought, at prices close to 66.00 cents, both CFR Karachi and at the land border (Wagah).
Related Links
Posted in: Cotlook Headlines
Leave a Reply
You must be logged in to post a comment.