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April 2024
The local cotton market on wednesday remained dull and the trading volume remained notably low. The Karachi Cotton Association closed the spot rate at $77.46 per maund on April,18 2024.
The rate of cotton remained stable but Business volume; however, remained low. The Karachi Cotton Association closed spot rate by USD 70.24$ per maund on 16th May 2023. Moreover, according to the information received from the cotton producing areas, currently the cotton sowing is said to be satisfactory. Hopefully, if the weather conditions remained favourable, the cotton production is expected to increase.
The local cotton market remained bearish and the trading volume remained low. The Karachi Cotton Association closed spot rate by USD 70.21$ per maund on 16th March 2023. There is a major detoration particularly in international cotton market resulted in a decline in cotton prices locally. Spinners are buying cotton very cautiously due to the upheaval in the textile sector while ginners are interested in selling.
In the domestic cotton market, prices were overall stable and business volume remained good. The Karachi Cotton Association closed spot rate by USD 82.50 $ per maund on 15th Feb 2023.Demand and price of cotton yarn has started to improve to some extent. After the talks with the IMF, the value of the US dollar has started to fall, due to which cotton prices have started to decline in the last two days.
Bullish trend prevailing in the local cotton market and the trading volume remain satisfactory, as the new year approaches, market condition begins to improve. The Karachi Cotton Association closed spot rate by USD 85.53$ per maund on 11th Jan 2023. There is an improvement seen after textile and spinning mills began purchasing again.
In this year, after massive floods, the cotton crop output is expected to be around 6.5 million bales, whereas the demand is around 11 million bales, which means 5.5 million bales needs to be imported out of which 4.8 million bales contracts have already been signed. Currently, cotton rates being up and down between USD 75.64$ to USD 79.64$ per maund.
Bullish trend prevailed in local cotton market under the influence of international cotton market. As the Karachi Cotton Association increased the spot rate by USD 0.90$ on 5th Nov per maund and closed it at USD 75.48$ per maund. The local cotton market remained bullish and the trading volume remained very low.
Unprecedented decrease was seen in the rate of cotton in local and international markets, as the Karachi Cotton Association decreased the spot rate by USD 23.91$ per maund from 13-sep to 12-oct and closed it at USD 84.14$ per maund. The decline in cotton arrival is attributed to the flash floods in Pakistan, which devastated large swathes of agricultural land in the country. The local cotton market on remained steady and the trading volume remained low.
A significant increase of USD 11.66$ per maund was witnessed in the cotton spot rate. Pakistan Textile Exporters Association (PTEA) has asked for immediate lifting of ban on import as 2.5 million bales of cotton are urgently required for the textile export industry. Delay in cotton import can pose risk to timely deliver the export orders.