Pakistan Textile Mill Interest Weakened Cotton Market Trade Slowdown

Dealers said Wednesday, Pakistan Cotton market The transaction slowed down as big buyers again showed their appetite for purchases diminished. Official spot prices remained unchanged at 5500 rupees. The price of seed cotton in Sindh is 1800-2300 rupees, and the price in Punjab is 2200-2650 rupees. More than 4000 bales of cotton change hands, the price is 5200-5800 rupees. Analysts said that the downturn in trading, because textile mills and cotton mills are still on the sidelines, they expect a bumper harvest of cotton and reduce demand in the international market. The ginning mills are reluctant to sell their stocks at current prices, while textile mills are not interested in purchasing new cotton, and they hope prices will continue to fall.

Besides, exporters are not interested in purchasing. cotton They also want to know the current market trend. The Federal Minister of textiles convened the chairman and members of the Karachi Cotton Association for a long discussion involving cotton, export and other textile industries.

According to Reuters, most US cotton futures contracts rose on Tuesday, followed by stronger synchronization with other commodities, especially crude oil and euros, because European officials signed an agreement to provide debt relief for Greece.

The new ICE futures exchange benchmark May contract closed at 92.97 cents, up 0.32 cents. Although the market has interest in buying, but in May Stage cotton The current trading does not break through the inter Japanese range, which means that the low point has been raised, the high point has dropped, and the trading range is 92.46 cents -93.79 cents. The low point was maintained at the rise of 84.23 cents from the bottom of December 14th. After May, volume increased to 12719 hands. Cotton closed down 0.20 cents in March, closing at 91.25 cents / pound. This is the lowest closing price since February 10th.