Pakistan: local cotton rates increased
Although reasonably active mill enquiry for imported growths has been witnessed during the week, demand has started to slow down as mills take stock after the sharp depreciation of the rupee against the US dollar. Following very active Indian business during the past couple of weeks, turnover has slowed appreciably, as rising Indian asking prices and higher import parity have restricted import potential. Nevertheless, Shankar-6 28/29 mm has found buyers between 79.50 and 80.50 US cents per lb, CFR Karachi. US buying interest has also reduced significantly for similar exchange rate considerations. Fine count spinners have covered further modest volumes of Turkmen ELS.
On the domestic front, ‘better quality’ supplies have commanded between Rs. 7,000 and Rs. 7,250 per maund (at the prevailing exchange rate, roughly 76.65/79.40 US cents per lb), ex-gin. Lower grades were trading between Rs. 6,100/6,700 per maund
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