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Cotton prices at KCA slide down
13
Oct '08
Although spot rate acquired a declining trend, Karachi Cotton Market witness a brisk trading session, with the demand for the finest quality cotton on the higher side.

During the week starting from October 6 to 11, the market remained in the tight grip of traders.

On Monday, according to Ghulam Rabbani, Director of KCA, cotton prices plunged by Rs100 to stand at Rs3,800 per maund. Huge quantities of lint of all qualities were sold and sellers were quite happy as ample of inquiries poured in for fine lint future contracts.

Further Mr Rabbani informed that cottonseed (phutti) price remained at Rs1,875 per 40 kg in Sindh where as the price range in Punjab stood around Rs1,800 – Rs1,825 per 40 kg.

Around 200 bales of upper Sindh was sold at Rs3,835 per maund, 200 bales of Mirpurkhas was purchased at around Rs3,815 per maund, 200 bales of southern Punjab at Rs3,800 per maund and 200 bales of upper Sindh at Rs3,825 per maund.

Global economic recession is putting its effect on the price trend of Karachi Cotton Association, which on Tuesday, dropped to Rs3,700 per maund reflecting a dip of Rs100 per mound with fine cotton lint remained in greater demand.

On this day, around 200 bales of upper Sindh was sold at Rs3,635 per maund, 200 bales of southern Punjab was traded at Rs3,615 per maund.

Moderate trading session prevailed in the KCA market, on Wednesday, though spot rate dipped Rs150 per maund to Rs3,550 per maund.

Purchases were made with in the range of Rs3,200 per maund to Rs3,400 per maund. Demand for fine quality lint was on the higher side and thus fetched high rates during the trading session.

Around 200 bales of upper Sindh changed hands at Rs3,425 per maund, 200 bales of southern Punjab were traded at Rs3,300 per maund.

On Thursday, spot prices slided further Rs75 to Rs3,475 per maund. Leading traders withheld fine lint hoping the prices would recover in the next coming sessions.

According to Mr Ghulam Rabbani, top ginners procured lint of all varieties with in the range of Rs3,350 to Rs3,450 per maund, depending on the quality of the cotton.

Around 50,000 bales exchanged hands in Punjab and Sindh. About 200 bales of upper Sindh was sold at Rs3,350 per maund, 200 bales of southern Punjab were traded at Rs 3,300 per maund.

The spot rate at KCA remained firm and strong as previous day and the settlement was declared at Rs3475 per maund with no changes on Friday.

Although market was slow, but trades were concluded in Rs3600 per maund for 400 bales of Rahim yar khan, 1000 bales of Kabirwala and 1000 bales of Fort Abbas.

Spot market at KCA remained firm and strong on Saturday, and stood at Rs3,475 per maund.

Even though domestic cotton prices are facing global pressure, demand for lint is on the higher side. The leading players obtained cotton with in the range of Rs3,350 per maund and Rs3,630 per maund, according to the quality of the lint.

For complete quotation of today's price click here

Fibre2fashion News Desk - India


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