Pakistan: local cotton rates continue to rise
Active buying interest from local mills for imported growths has continued to be directed toward Burkina Faso BOLA/s 1-1/16” and Indian old crop descriptions (the latter priced at between 64.00 and 65.00 US cent per lb, ex-Wagah border). A drop in current international asking prices might uncover more such demand.
Locally, the price undertone is bullish. Mills have remained willing to chase the domestic market higher on fears of a short crop and lower quality. A good volume of business has been witnessed.
The range of asking rates for upper Sindh/Punjab cottons now extends as high as Rs.5,300 per maund (up by a further Rs.50 from yesterday), or around 61.90 US cents per lb, while the KCA’s official spot rate for Grade III, 1-1/16” is Rs.5,050 per maund (+Rs.100), or almost 59.00 cents.
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