Pakistan: domestic prices unchanged

Steady conditions have prevailed in the local cotton market today and prices have been maintained. Despite the slow pace of business activity, ginners have resisted lower offers in view of the small remaining quantities of unsold stocks, estimated by observers to be below 200,000 bales. Nonetheless, some better grades have been purchased at higher prices on credit terms (90/120 days).
Spinners continue to report difficult operating conditions as a result of higher interest and energy costs. Thus, textile industry participants have criticised a recent government decision to withdraw gas subsidies for the sector.
Asking prices for lower grades from Sindh are unchanged at Rs. 17,500/19,000 per maund, ex gin, depending on quality. Better grades from Sindh and Punjab are also steady between Rs. 19,500/21,000.

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