Market activities remained firm although cotton rates seemed fluctuating through out last week.
During the week starting from August 25 to 30, the market remained in the tight grip of traders.
On Monday, August 25, KCA spot rate was quoted at Rs4125. Market remained calm and steady. Around 2400 bales of Tando adam have been sold at Rs4075 to Rs4100. Another 2000 bales of Shadadpur exchanged hands at Rs4075 to Rs4100; 800 bales of sanghar sold at Rs4050; 600 bales of Hydereabad at Rs4100; 400 bales of Gojra for Rs4025; 600 bales of Hala & Khotri & Sinjaro at Rs4100;
Several other contracts were inked on this day at Sindh and Punjab with in the range of Rs4050 to Rs4100 per bales, but one things is clearly evident viewing all the business executed that nothing is available in the market for anything less then Rs4100 per bales.
According to Mr Ghulam Rabbani, Director of Karachi Cotton Association (KCA), the spot rate slipped by Rs75 per maund to Rs4,050 per maund on Tuesday. With the end of transporter's strike, trades are expected to resume its normalcy.
The market was opened with a long queue of millers to buy cotton where rates were stood at Rs4100 to Rs4125. From the Sindh and Punjab region around 20000 bales were sold. Many ginneries were showing a tight grip as they thought the rates will up surge soon to its previous level of Rs4200 to Rs4250 per bale.
On Wednesday, KCA spot rate is revised to gain Rs25 settlement declared at Rs4075. Trading volume was very high around 38000 bales changed hands. Millers were the chief buyer while private commercial exporters were little bit slow.
According to Mr Rabbani, the activities in cotton and yarn markets are gaining momentum after a pause of around 10 days between the transporter's strike period.
Cottons from Sindh stations Shehdadpur, Moro, Tando Adam, Sanghar, Sinjhoro, Mirpurkhas were sold at Rs4125 to Rs4150 while in Punjab now the quality going better after a spell of monsoon rains and commodity attracting buyers.
Spot rate at the Karachi cotton market, for lint moved up again with the growing demand and rebuilding of players' confidence due to active trading session on Thursday.
Spot rate increased Rs50 to Rs4,125 per maund on active buying by mills and leading players during the trading session.
Trading session remained brisk amid steady spot rate that stood at Rs4,125 per mound and higher demand from mills at Karachi Cotton Market on Friday.
On this day, mills obtained around 30,000 bales of all type of stuff while private sector commercial exporters procured around 10,000 bales. In the Sindh region fine lint prices touched above Rs4,200 per maund during the trading session.
On Saturday the market remained in the grip of buyers, and spot ates at the KCA stood at Rs4,075 per maund. The ginners withholding fine lint were of the opinion that the price would go further up in thenext coming sessions on back of higher demand and shrinking stocks.
Presently, the spot rates at the Karachi Cotton Association (KCA) remained firm at Rs4,075 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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