Pakistan cotton prices weak on fresh arrivals
Reuters, Karachi
Pakistani cotton prices were weak during the past week due to plentiful stocks and were likely to soften further in days ahead on expected rise in the supply from the new crop, dealers said Thursday."Fresh arrivals along with imported cotton making its way into the market has affected the prices," a Karachi-based dealer said. He said yarn exports had also slowed because of high cotton production worldwide and that has seriously impeded textile buying. Dealers said textile mills and others had sufficient stocks to fulfil their requirements, while increased crop arrivals had also put pressure on prices. "Most of the big buyers have already covered their positions till March," said Ali Shiraz, another Karachi-based dealer. "We expect dull activity in the market in the near term." But dealers said a sharp dip in prices was not expected because the government had been buying cotton to ensure a fair return for growers.
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