Pakistan: domestic cotton rates continue to rise

Firm conditions have prevailed in the cotton market. Yesterday’s sharp increase in ICE futures has added further support to an already tight domestic cotton market. Ginners remain unyielding with their asking rates and mills looking to cover better grades in particular, have been obliged to chase prices higher. Thus, better quality cotton has traded Rs. 50/100 higher, between Rs. 7,100 and Rs. 7,300 maund (roughly 77.75/79.90 US cents per lb), ex-gin and between Rs. 6,100/6,700 per maund, depending on the quality.

Improved demand for domestic cotton has persisted from mills, following the recent sharp depreciation of the rupee. However, the rupee exchange rate pitched against the US dollar appears to have stabilized today at between Rs. 110.50/111.50, unchanged from yesterday.

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