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Cotton market remains firm last week
Jul '08
Experts are of the opinion that, despite high quality, Pakistani lint is cheaper by around 10 to 12 cents per pound in the international market and thus, importers of Bangladesh and Far East are eager to purchase Pakistani produce.

Statistics show that during April to June 2008, Pakistan registered an export of 100,000 bales to these nations. Further it is expected that with the arrival of new cotton in the market, exports may touch another half a million cotton bales in the international market.

Although, the cotton crop in the on going fiscal has suffered a lot due to various reasons, merchants are quite happy with positive outlook of the market and trade deals, during the week starting from July 7- 12.

On Monday, the market saw a firm trading session. Spinners and ginners remained on their toes as demand for yarn was quite high. Buyers made contracts for fine lint even though prices were on the higher side.

On this day, near about 200 bales of new crop were purchased in Sindh at Rs3,700 per maund. In Punjab, similar volume were sold at Rs3,750 per maund.

Similar to previous day, trading session remained strong on Tuesday as well. Demand and price for fine lint was on the higher side.

In Punjab and Sindh, fine lint prices were even higher on this day touching Rs4,000 to Rs 4,100 per maund. Such soaring prices can be attributed to surge in demand from the spinners and mills. With the arrival of new crop in the market, trade has gone up along with prices. Nearly 200 bales of these were sold at around 3,850 per maund in Punjab region and in the Sindh area, the similar amount was traded at Rs 3,825 per maund.

Strong sentiments prevailed in the market, on Wednesday. Around 1000 bales exchanged hands, in Shahdadpur and Arifwala area, with in the range of Rs3,800 to Rs3,875 per mound.

Players purchased lint of all qualities, on Thursday, in order to consolidate their positions in the market. On this day, ginners sold around 800 bales of cotton that fluctuated between Rs3,850 to Rs3,900 per mound.

On Friday, cotton trade remained brisk as huge amount of cotton exchanged hands in various region of the country.

Presently, the spot rates at the Karachi Cotton Association (KCA) remained firm at Rs3,650 per maund and demand for fine lint moved on to the higher side.

For complete quotation of today's price click here

Fibre2fashion News Desk - India

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