Pakistan: local prices increased slightly

The local cotton market remains fairly steady today. There has been a modest improvement in buying interest from mills, since more have covered stocks from the local market because of the current difficulties in opening Letters of Credit and making payments in US dollars. As a result, ginners have increased their asking prices slightly.

Asking prices for lower grades, mainly from Sindh, are quoted at around Rs. 14,500/16,500 per maund (83.20 cents per lb), ex gin, depending on quality. Better grades from Sindh and Punjab are offered at prices between Rs. 16,500 and 17,500 per maund (average 91.60 cents per lb).

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