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Upheaval fails to restrict fluctuating cotton prices
25
Aug '08
The arrival of new cotton in the market has made ginners and growers quite positive, as now they are hoping to strike better deals.

During the past two weeks, the market remained in the tight grip of traders.

On the August 11, the spot rate at Karachi Cotton Association moved again to a lower position on the ranking slot and the settlement declared at Rs4050 per maund with a decrease of Rs100.

According to Mr Ghulam Rabbani, Director of Karachi Cotton Association, on this day, around 1000 bales of Tando adam traded in Rs4100; 1000 bales of Shahdad pur sold at Rs4100; 600 bales of Sultanabad sold at Rs4000; 800 bales of Sanghar at Rs4100; 200 bales of Bahawal nagar at Rs4100 while another contract of 200 bales concluded in Bahawal nagar at Rs4150.

The spot rate at KCA, on August 12, climbed down once again and the settlement declared at Rs4100 per maund with a decrease of Rs50. In the domestic market 2100 bales of Tando adam traded in Rs4090 to Rs4125. 1300 bales of Shahdad pur sold at Rs4100; 400 bales of Hala sold at Rs4100; 1000 bales of Sanghar traded at Rs4100; 300 bales of Hyderabad sold at Rs4100; 100 bales of Tando at Rs4100; 200 bales changed hands in Sinjhoro sold at Rs4100; 700 bales of Bahawal nagar sold at Rs4125 to Rs4150.

Around 400 bales of Bure wala sold at Rs4150 to Rs4200. Near about 200 bales of Qaboola traded at Rs4150. 400 bales of Pak pattan traded in Rs4150, while in another contract 200 bales of arif wala sold at Rs4200.

The market was brimming with higher demand on August 13, forcing the prices up by Rs 50 per maund, to touch Rs4,125 at the KCA spot market.

In all, on this day, about 8,000 lint bales were traded. Around 6,000 lint bales exchanged hands from Sindh in the price-range of Rs4,070 to Rs4,125 per maund while 2,000 bales were transacted in Punjab with in the range of Rs4,125 to Rs4,200.

Although, new cotton is arriving in the market, but high requirement from the spinners and the millers, is making it insufficient to meet the demand.

When the market opened on August 15, after Independence Day holiday, the KCA spot rate stayed unchanged at Rs4125 per mound.

Due to some political ups and downs, market slowed down on August 18, and dullness and lack of interest from buyers prevailed at the market. However, spot price from KCA stood at Rs4,200 per mound, that remained unchanged since August 16.

The spot rate from KCA eased on August 20, and plunged by Rs175 per mound to touch Rs4,075 per mound, and climbed down to Rs4,025 per mound, reflecting a down fall by another Rs50 per mound.

The prices rebounded back on August 23, to touch Rs4,125 per mound. For the next two day spot prices remained unchanged.

Presently, the spot rates at the Karachi Cotton Association (KCA) remained firm at Rs4,125 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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