Pakistani cotton prices hit 15-year peak

by:JIYALI     2021-08-04
On Tuesday, Pakistani cotton prices rushed to their 15-year high, reaching 3,400 rupees (54.43 US dollars) maund. The background was that textile mills and spinning mills were facing unstable inventory pressures and panic purchases, while some large ginners kept their inventories on the sidelines.  Some Pakistani spinning mills said that Indian exporters refused to fulfill their export contracts because of the soaring world market prices, which led to panic purchases in the market.   India and Pakistan signed a contract for approximately 1.3 million bales of lint cotton, but India refused to fulfill the contract. The performance crisis caused Pakistani textile mills to raise prices significantly.   According to market participants, on Tuesday, 100,000 bales were sold in a single day, the largest single-day transaction volume. Spinners and textile mills are said to be competing to buy each batch of cotton, regardless of price.   The official live price rose by 50 rupees/maund to 3,200 rupees/maund, but the price of high-quality cotton is higher.
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