Karachi, March 20, 2013 (PPI-OT): Conditions have remained mare or less unchanged in the local cotton market. Yesterday’s drop in New York cotton futures has had very little influence on prices as available supplies remain in very tight hands.
Mills continue to resist paying prices beyond the current range of rates, and lacklustre trading has been witnessed. Business in better grade lots has been reported today at between Rs. 6,700 and Rs. 7,000 per maund (about 83.25/87.00 US cents per Ib), ex-gin.
Average quality cotton has attracted around Rs. 6,000 to Rs. 6,500 per maund. raw cotton export registrations from August 1 to March 15 totalled 460,474 bales (including 21,229 bales of 2011/12 crop), and shipments totalled 318,535(65,201).
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