Pakistan has finalised import contracts for 500,000 cotton bales in order to close the demand-supply imbalance as local prices rise, merchants reported on Saturday.
During the previous week, Pakistan remained the top cotton importer. Brazil, Central Asia, and India all saw a rise in cotton prices. Last year, Pakistan produced 5.6 million bales while importing 7 million. Cotton prices in Karachi increased by Rs200 this week, reaching Rs13,100 per maund. The New York Cotton Market remained volatile, with prices ranging from 86.5 to 88 cents per pound.
Cotton prices in the local market climbed by Rs200 to Rs300 per maund over the previous week, as spinners remained interested in purchasing. Around 65 ginning companies began operations in Sindh, however owing to a lack of seed cotton, some mills had to temporarily halt operations. Cotton mills are buying in large numbers, according to traders, as monsoon rains are on the way.
