KARACHI: The cotton prices were under pressure due to latest decrease in polyester fibre prices as petroleum prices are declining day by day.
Trading was slow from the outset as buyers generally remained to the sidelines.
Brokers said that fresh fall in polyester fibre has further put pressure on cotton prices as spinners are likely to opt for cheaper fibre to stay competitive in the world market.
According to market reports polyester fibre dropped by Rs4 per kg which resulted in fall in prices on ready deals.
The Karachi Cotton Association (KCA) cut its spot rates by Rs100 to Rs4,850 per maund.
Though reports coming from Frankfurt, Germany, suggest that textile trade fair helped Pakistani exporters to get good orders, this did not reflect in the cotton trading.
The following deals were finalised on ready counter: 200 bales Sanghar at Rs3,800, 200 bales Vehari at Rs4,690, 400 bales Burewala at Rs4,800, 200 bales Chichawatni at Rs4,850, 200 bales Shujabad at Rs4,900, 400 bales Fort Abbas at Rs4,950, 600 bales Haroonabad at Rs4,950, 400 bales Dera Ghazi Khan at Rs5,050, 800 bales Mianwali at Rs5,050 to Rs5,125 and 200 bales Bakhar at Rs5,125.
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