KARACHI: The cotton market has witnessed mixed trend as spinners stayed away from the trading ring.
Faced with acute shortage, spinners have explored new avenues for importing cotton from South Africa and East African countries. Over 70,000 tonnes have been booked so far for June-July delivery.
The ginners are currently holding around 100,000 unsold bales and there are around 69,000 bales from the 2014-15 season with the Trading Corporation of Pakistan (TCP). Despite acute shortage of cotton in the country the price trend remained mixed.
The depressed prices of cotton yarn and fabric in the domestic market was another factor which is keeping cotton prices under pressure, though some recovery was noted on revived buying.
The KCA raised its spot rates by Rs50 to Rs5,550 per maund. Major deals on the ready counter were: 3,121 bales from Ghani Goth (Rs5,500), 900 bales Rahimyar Khan (Rs5,500 to Rs5,750) and 600 bales Khanpur (Rs5,600).
