Pakistan's new cotton prices rise

by:JIYALI     2021-08-19
On Monday, the price of new cotton in Pakistan rose, and some cotton processors in the cotton planting belt in central Punjab reported a small amount of cotton available for delivery at any time, and these cotton will be available for selection by spinning mills at any time.  Venue traders said that due to insufficient supply, ginners seem to be condescending, but what is interesting is that they have forced spinning mills and textile factories to increase the price line, at least the recent cotton price line.   Yarn mills are willing to purchase new lint at a price of 3,900 rupees/maund, indicating that the price will hit a new high of 4,000 rupees/maund, despite the good harvest of new cotton.   According to market participants, the arrival of phutti cotton from the cotton planting belt in central Punjab is quite stable. Growers are willing to sell it for 1,800 rupees/kg. More ginning factories have started. At present, about a dozen ginning factories are processing cotton, and the supply situation will be further improved in the next few days.   Different from the previous year, the ginning factory in Sindh area started a little late due to insufficient water resources during the planting season and the planting time was delayed. But the venue agent said that phutti cotton picking work in some areas has already started, and the local ginning factory will start next week.   Some large ginning factories hold 15,000-20,000 bales of unsold cotton in their hands.   The official spot price of new cotton remains at 3,750 rupees, but the new cotton transaction price is higher, although the transaction volume is small.   On Monday, two transactions were completed. They were 200 bales of new cotton in Punjab province. The price of 100 bales was 3,900 rupees and the price of 100 bales was 3,800 rupees.
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