Cotton World Services report about local cotton market
Karachi, February 26, 2013 (PPI-OT): A distinct lack of any bearish influence’s evident in the local cotton market. Current crop remnants remain in very tight hands and Indian offers have advanced further over the weekend. Local mills have maintained a cautious approach to buying but have been forced to pay ginners’ asking rates for any cotton they require to fill gaps in inventories. In particular, holders of better quality lots are holding back supplies in anticipation of further price rises to come.
Premium quality prices have continued to range up to Rs.6,600 per maund (82.00 US cents per Ib), ex-gin, which is some Rs.1300 (almost 14 cents) more than the seasons law point, back in October last year. Average grades have commanded up to Rs.6000 per maund (74.55 cents). imports of raw cotton during January amounted to 83,282 tonnes, bringing the running total from the beginning of August to 182,221 tonnes.
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