Cotton at KCA acquires a declining trend
Even though high prices prevailed at the Karachi Cotton Market, trading session remained brisk amid strong demand from the buyers.
During the week starting from September 8 to 13, the market remained in the tight grip of traders.
Though experts are anticipating lesser yield than expected in the present cotton season, market prices stand with in the reach of buyers.
On Monday, spot rate at Karachi Cotton Market maintained stability at Rs4,125 per maund with growing demand of lint of all qualities during the trading session.
According to Ghulam Rabbani, Director of KCA, about 20,000 bales were traded at different regions in Punjab and Sindh at Rs4,100 and Rs4,200 per maund respectively, and fine lint prices moved over Rs4,200 per maund. Cotton from Sindh dominated in price and trade volume.
The market remained active with millers procuring huge volumes of lints. On Tuesday, cotton prices at KCA stood at Rs4,100 per maund reflecing a fall of Rs50 per maund.
On this day, Punjab lint was quoted with in the range of Rs4,000 to Rs4,050 per maund, while Sindh cotton was traded at around Rs4,100 - Rs4,150 per maund during the trading session.
Mr Rabbani informed that Mirpurkhas cotton exchanged hands at Rs4,000 per maund while that from Punjab stood with in the range of Rs4,050 and Rs4,075 per maund.
The spot rate at KCA, on Wednesday, stayed firm and strong and the settlement declared at Rs4100 per maund. In the domestic market small volumes observed being traded at this rate only.
During the trading session, some contracts were inked in upper Sindh at Rs4,030 per maund while in Punjab were concluded at with in the range of Rs4,000 and Rs4,010 per maund.
On Thursday, the spot rate at KCA moved and shifted a lower slot and the settlement declared at Rs4,025 per maund with a decrease of Rs75. In the domestic market, small volumes observed being traded; generally market remained around about Rs4000.
The Friday spot rate at KCA remained firm and strong and the settlement declared at Rs4025 per maund. In the domestic market, small volumes observed being traded; generally market remained around about Rs4000. But some of the deals were concluded in a bit higher prices upto Rs4075.
The spot rate at KCA moved on Saturday and shifted a lower slot once again and the settlement declared at Rs4000 per maund with a decrease of Rs25per maund.
In the domestic market, around 200 bales of Mirpurkhas were sold at Rs4025, 1000 bales of Shahdadpur traded in Rs4050, 600 bales sold in Tando adam at Rs4050, 800 bales of Nawab shah sold at Rs4050, 400 bales of Sanghar sold at Rs4040. About 1800 bales of Pak pattan sold at Rs3900, 1200 bales of Khanewal changed hands at Rs4050. 400 bales of Chishtian and 400 of Bahawalpur sold at Rs4000. 400 bales of Mamum kanjan sold at Rs3985, while 400 bales sold in Gojra at Rs4025.
Presently, the spot rates at the Karachi Cotton Association (KCA) remained firm at Rs4,000 per maund and demand for fine lint moved on to the higher side.
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Fibre2fashion News Desk - India