Pakistan's seed cotton acquisition accelerates unsold inventory of ginning plant
Pakistan's recent low-temperature dry weather is the main reason, due to the stronger willingness of cotton farmers to sell, the acquisition of seed cotton is significantly accelerated. It is estimated that the annual cotton production of Baben will be about 130-1355 million bales (221-22.95 million tons).
At present, the large number of unsold inventory in ginning factories puts pressure on local cotton prices. Punjab's high-grade new flower ginning factory pick-up price of about 5100-5400 rupees / maund, discount 70.00-74.00 cents / lb. Exporters continue to purchase a small amount, of which a small number of low-grade new flowers are exported to India.
The demand for foreign cotton by domestic textile mills has not improved recently. Because Indian cotton prices are stable, textile mills generally hold a wait-and-see attitude to wait for cotton prices to fall. A small number of Indian J-34 new flowers traded at 83.00-84.00 cents/lb, Wagha Port; hundreds of tons of MCU-5 were sold at 90.00-91.00 cents/lb, CFR, Karachi Main Port. In addition, Pakistan imported a small amount of low-grade Pima cotton (100.00 cents/lb) and Egyptian Giza 86 (125.00 cents/lb).
At present, the large number of unsold inventory in ginning factories puts pressure on local cotton prices. Punjab's high-grade new flower ginning factory pick-up price of about 5100-5400 rupees / maund, discount 70.00-74.00 cents / lb. Exporters continue to purchase a small amount, of which a small number of low-grade new flowers are exported to India.
The demand for foreign cotton by domestic textile mills has not improved recently. Because Indian cotton prices are stable, textile mills generally hold a wait-and-see attitude to wait for cotton prices to fall. A small number of Indian J-34 new flowers traded at 83.00-84.00 cents/lb, Wagha Port; hundreds of tons of MCU-5 were sold at 90.00-91.00 cents/lb, CFR, Karachi Main Port. In addition, Pakistan imported a small amount of low-grade Pima cotton (100.00 cents/lb) and Egyptian Giza 86 (125.00 cents/lb).
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