Karachi, July 25: Pakistan cotton prices were steady on textile buying for new crop Niab-78 variety and the fresh demand raised hopes of a price rise next week, dealers said last week."Around 400 bales of new crop Niab-78 were traded around2,100 Rupees (per maund)," cotton broker Aziz Abdullah said.
New-crop arrivals have begun mostly from the lower parts ofSindh province.Abdullah said textile mills were back in the market becausetheir stocks were depleting and they were mostly showing interest in new crop varieties.He said some interest was also seen in old stocks, stillaround 300,000 bales, left over because of high imports.
Official figures show imports totalled 399,462 bales of480-lb each by June 23 since the start of the season in September.
Dealers said old crop variety Niab was quoted around 1,900Rupees per maund (of 37.2 kg).
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.