They said spinners and value-added
textile sector retained a row about the yarn quota. The entire cotton
market depicted a lull trading all over the week. Cotton prices
remained stable without any fall or rise. However, ginners raised their
asking prices in the market as they held bulk of the fine unsold lots.
Despite lacklustre trading millers actively participated in the market…The value-added sector representatives criticised the spinners for exporting yarn at lower than the domestic prices…Around
350 yarn manufacturing factories in the country went on strike to
protest against a government move, which cut their export quota to 35
million kg of yarn a month from 50 million kg. ..The spinners
called off their strike on official assurance that monthly yarn export
quota would be restored, but it is still held in abeyance after a
number of meetings with both the parties and the government’s circles…Fall
in world prices persisted, New York cotton futures suffered another
decline of 0.49 and 0.31 cents per lb at 79.69 and 80.96 cents for both
the ruling May and the forward July settlements respectively. According
to the Karachi Cotton Association (KCA), the official spot rates for
cotton were held at 5,450 per maund and Rs5,841 per 40 kgs. ”