KARACHI – The report of US Agriculture Department likely to be issued early next week which is expected to show higher cotton export figures, has influenced the market.
Revival of buying interest helped prices stabilise on the cotton market where many mills, induced by further cut in petroleum prices next month, moved in to replenish their stocks.
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Major deals finalised on ready counter were: 200 bales Sanghar at Rs4,000, 400 bales Shahdadpur at Rs4,000, 200 bales Kandyro at Rs4,300, 200 bales Kotri at Rs4,500, 200 bales Kotri at Rs4,500, 200 bales Hyderabad at Rs4,500, 400 bales Faqirwali at Rs4,600, 600 bales Haroonabad at Rs4,600 to Rs4,675, 400 bales Fort Abbas at Rs4675, 600 bales Alipur at Rs4,800 to Rs4,900, 1,000 bales Rahinyar Khan at Rs4,900, 400 bales Mianwali at Rs4,975.
Meanwhile, the textile industry hopes that cheaper oil would help reduce power outages and may also reduce consumption pressure on gas which is in short supply to industry. The cotton yarn market continues to be sluggish because of little demand from domestic value-added textile sector and exports.
