Pakistan: ginners’ asking rates raised
Firm conditions have prevailed in the cotton market. Better quality cotton has traded around Rs. 50 higher than yesterday, between Rs. 6,800 and Rs. 7,050 per maund (roughly 78.35/81.25 US cents per lb), ex-gin and lower grades between Rs. 5,900/6,500 per maund, depending on the quality. Domestic cotton stocks remain in tight hands, as many ginners are comfortable to hold inventory in view of a much lower crop forecast than previous expectations.
Although import permits for Indian raw cotton have started to be issued by the Plant Protection Department, their delayed validity leaves only the domestic market as a source of supply for those mills needing cotton urgently. Generally, most mills remain selective buyers.
Posted in: Cotlook Headlines