Cotton market remains firm
Higher demand and firm spot rate helped the Karachi Cotton Market to maintain a brisk trading session.
During the week starting from September 1 to 6, the market remained in the tight grip of traders.
On Monday, September 1, KCA spot rate stood at around Rs4,075 per mound. Active buying and trading session kept the traders on their toes. Merchants were quite happy with the kind of response they got from the buyers.
In the Sindh area, cotton prices were fluctuated between Rs4,175-4,200 per maund and in the Punjab region the same remained with in the range of Rs4,075 to Rs4,125 per maund.
According to Mr Ghulam Rabbani, Director of Karachi Cotton Association (KCA), spot rate was revised to Rs4125 per mound, reflecting a surge of Rs50 per mound on Tuesday.
Brisk trading volume was observed through out the trading session, where in millers were eager to buy from Sindh and Punjab region. Cotton prices in the Sindh stood at Rs4200 while in Punjab with little less rates were quoted at Rs4125-Rs4150.
Near about 400 bales of upper Sindh exchanged hands at Rs4,200 per maund, 300 bales of Mirpurkhas at Rs4,145 per maund, 200 bales of upper Sindh at Rs4,220 per maund and 200 bales Rahimyar Khan were traded at Rs4,200 per maund.
The spot rate at KCA stayed firm and strong and the settlement declared at Rs4125 per maund with no changes on Wednesday.
In the domestic market a lot of business concluded in a range of Rs4,175 to Rs4,220 per maund.
On this day, around 200 bales of upper Sindh was sold at Rs4,210 per maund, 200 bales of Nawabshah for Rs4,135 per maund, 200 bales of upper Sindh at Rs4,225 per maund and 200 bales southern Punjab traded at Rs4,180 per maund.
According to Mr Rabbani, prices in the market remained firm even though indicators are showing less than expected yield this crop season. With the growing demand for all types of lint from the buyers, KCA spot prices maintained firm position at Rs 4,125 per maund on Thursday.
Nearly 1,000 bales each of southern Punjab and upper Sindh were traded with in the range of Rs4,130 to Rs4,200 per maund respectively.
On Friday, cotton traders opted for mainly fine lint and sizable volumes were traded at Karachi Cotton Market on Friday, and this was possible because spot rates remained firm at Rs4,125 per mound.
Tradings were concluded at several stations in Sindh, with in a range of Rs4,175 to Rs4,200 per maund.
Although demand for the cotton is on the higher side, spot rate at KCA stood firm at Rs4125 per maund almost through out the week.
On Saturday also the market remained under the tight grip of ginners. Large numbers of dealings were concluded with in the range of Rs4175 to Rs4200 per mound.
Market experts expect a bullish trend in the coming days if the cotton prices remain firm.
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.
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Fibre2fashion News Desk - India