Pakistan: local cotton prices firm

Firm conditions have prevailed in the cotton market over the weekend. The recent stability in international cotton prices, together with depreciation of the rupee against the US dollar (today’s rate is Rs.108.00/108.50, versus Rs.105.45 last Friday), have been supportive to domestic prices. The currency movement has pushed import prices higher in rupee terms, prompting some mills to endeavour to extend their purchases of local supplies. Desirable lots have increased in price since Friday by Rs. 50; better qualities are now commanding between Rs. 6,850 and Rs. 7,100 per maund (roughly, 76.90/79.70 US cents per lb), ex-gin, and lower grades between Rs. 5,900/6,500 per maund (say, 66.25/73.00 cents per lb).

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Posted in: Cotlook Headlines