Indian firms purchase cotton from Pakistan
Indian firms have purchased 10,000 cotton bales from Pakistan at 75 cents per pound for urgent delivery, leading to an increase in the price of the commodity in local markets.
By PTI |
ISLAMABAD: Indian firms have purchased 10,000 cotton bales from Pakistan at 75 cents per pound for urgent delivery, leading to an increase in the price of the commodity in local markets.
As enquiries poured in from Indian importers, the local prices of cotton rose by Rs 100 to Rs 4,100 per mound yesterday.
Higher raw cotton prices in India, ranging between 82 and 84 cents per pound, have forced the Indian spinning industry to approach Pakistani exporters to procure cotton at cheap rates.
Naseem Usman, a cotton broker, told the Dawn newspaper that if the current pace of booking by Indian spinners continued, local prices would go up further and this would adversely impact the domestic textile industry.
Market sources said Indian cotton traders had made excessive exports in the last season and this resulted in a shortage of the commodity in the Indian market.
During the last season, Pakistan's spinning industry imported around 2.2 million bales from India at a cost of Rs 40 billion.
As enquiries poured in from Indian importers, the local prices of cotton rose by Rs 100 to Rs 4,100 per mound yesterday.
Higher raw cotton prices in India, ranging between 82 and 84 cents per pound, have forced the Indian spinning industry to approach Pakistani exporters to procure cotton at cheap rates.
Naseem Usman, a cotton broker, told the Dawn newspaper that if the current pace of booking by Indian spinners continued, local prices would go up further and this would adversely impact the domestic textile industry.
Market sources said Indian cotton traders had made excessive exports in the last season and this resulted in a shortage of the commodity in the Indian market.
During the last season, Pakistan's spinning industry imported around 2.2 million bales from India at a cost of Rs 40 billion.
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