On Thursday weakness remained on the domestic cotton market. Though New Year cotton futures rise on the earlier sessions Thursday, cotton that gain was essentially margins hundred over three past four weeks, there is a lesser to on the New York's cotton futures contracts.
Seed cotton (Kapas/Phutti) prices reportedly range from Rs. 3000 to Rs.3800 per 40 Kgs in both Sindh and Punjab. Lint prices are said to be ranged from Rs.7000 to Rs.9000 per maund, according to the quality. Cotton exporters are estimated to have picked up nearly one hundred thousand bales.
The current cotton crop output in Pakistan is likely to range from10 to 10.8 million bales and could touch output nearly 11 million bales (155 Kgs).
Some textile mills owners have stated that the domestic textile industry is facing several hardships. According to my source, the global cotton situation is not pretending sell. There also reports in the market that local mills have picked up raw cotton both easier in the season locally and also through imports and have thus stock up their cotton inventories in larger inventories.
Thus it has been witnessed that besides the prices of cotton and cotton yarn prices are also under pressure. These not only cotton are under pressure so that it has been convinced that the global economy is under strong pressure.
On the global economic and financial front, more and more signs and signals are appearing foreseeing a serious sizeable downfall on the global economy. Dow Jones slide 650 points after Apple delivered a bombshell issuing that Apple is foresees that Chinese Economy control loss better and being down the global economy.
On Thursday crude oil prices also fell. Market with volatile currency and the petrol prices: Analysts have pointed out that trade war has lost billion of dollars during 2018.
With those portents who were hanging the global economy, it is obvious to conclude that clouds are gathering over the global economy. The European the problem of Brexit continues to create big only European care creater fishes in the United States to leave the European Union on 29th of March, 2019.