Cotton prices at KCA remain firm
Cotton market remained active as demand for fine lint moved on the higher side. The producers were quite positive as prices at the Karachi Cotton Market (KCA) stood firm almost through out the week and acquired a bullish trend compared to previous week.
During the week starting from November 3 to 8, the market remained in the tight grip of traders.
Mr Ghulam Rabbani, one of the Directors of KCA said that on Monday, the spot rate remained firm and strong and the settlement was declared at Rs3,125 per maund.
The market witnessed moderate business and the prices stood with in the range of Rs3050 to Rs3250. In Sindh, the prices were quoted from Rs3050 to Rs3150; while in Punjab, it went up to Rs3250.
According to the Pakistan Cotton Ginners' Association (PCGA), the arrivals up to October 15, were higher than the last season, and thus ginners were encouraged to purchase cotton in higher quantities.
Increasing demand for the fine lint, kept the market activities busy on Tuesday. The spot rate at KCA inched a bit high and the prices were quoted at Rs3200 per maund, reflecting a rise of Rs75, per mound.
Leading buyers purchased lint of all qualities on slightly higher prices while majority of the deals were struck with in the range of Rs3,225 to Rs3,270 per maund. Sindh cotton exchanged hands at Rs3,150 and Rs3,275 per maund, while Punjab cotton were purchased at Rs3,275 per maund.
Ginners have started piling up fine lint hoping to get better prices on the back of increasing spot rate and growing demand of the produce from purchasers.
On Wednesdy, spot rates at KCA stood stable at Rs3,200 per maund. Market moved on a brisk pace amid high demand from the leading players.
Spinners purchased lint of all qualities on slightly higher prices while majority of the deals were inked at Rs3,200 to Rs3,250 per maund. Around 200 bales of upper Sindh were traded at Rs3,150 and Rs3,200 per maund; nearly 200 bales of southern Punjab at Rs3,215 per maund.
Traders at the Karachi cotton market, had all the reasons to be jubilant as spot prices for the cotton stood at Rs3,200 for past two days. Experts opine that the news of Trading Corporation of Pakistan (TCP) entering the market and supporting the cotton prices is responsible for firm prices at KCA.
On Thursday, fine lint fetched around Rs 3,275 per maund due to surging demand from textile sector. Near about 200 bales of southern Punjab exchanged hands at Rs3,175 and Rs3,200 per maund and some 200 bales of upper Sindh were traded at Rs3,235 per maund.
Fine lint gathered all the attention at the Karachi cotton market on Friday, with the demand for the same remained on the higher side. Spot rate at KCA was stable and the settlement was declared at Rs3,200 per maund while cotton form Punjab region fetched higher price during the trading.
The best part is demand from the textile industry is growing day by day and so market activities at the KCA was brisk. Fine lint could be traded at Rs3,300 per maund during the trading session. Future contacts for the Sindh cotton were inked with in the range of Rs3,175 to Rs3,300 per maund.
Around 200 bales of upper Sindh swapped hands at Rs3,200 and Rs3,240 per maund and some 200 bales of southern Punjab were traded at Rs 3,300 per maund.
The spot rate at KCA remained unchanged on Saturday and the settlement stood at Rs3,200 per maund.
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Fibre2fashion News Desk - India