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Brisk Indian cotton trading seen in Pakistan

Increasing interest of Indian spinning mill owners in Pakistani cotton has accelerated the local market. July will be a very crucial month in connection with cotton as there is an increasing trend in prices in the Indian cotton market. The price of the benchmark Shankar-6 variety of Indian cotton has been further increased by Rs 200 to Rs 40,500.

The remaining stock of old crop is not more than 50,000 bales while expected production for the month of July is 1,10,000 bales so the total available quantity will be 1,60,000 bales against the required quantity of 4,10,000 bales for the month.

The Karachi Cotton Association, however, reduced its spot by Rs 50 to Rs 5,550 per maund.

Prices in both Indian and Pakistani markets are being increased and one can easily assess the future of cotton while keeping in view the increasing trend in its prices.

India is the world’s second largest cotton producer but Indian spinning mill owners are now searching for the commodity in markets all over the world.

On the global front, the referendum regarding the disintegration of the UK from the European Union kept the future deals of the New York cotton market in pressure; however, prices in the Indian cotton market are being increased with each passing day.