Home / Knowledge / News / Textiles / TCP's re-entry raises hopes of cotton traders
TCP's re-entry raises hopes of cotton traders
17
Nov '08
Hopes of farmers are soaring high with the news of Trading Corporation of Pakistan (TCP) entering the market for procuring cotton.

Although demand for lint moved on the higher side, spot rates acquired a declining trend, during the week starting from November 10 to 15.

Spot rate at KCA, on Monday, slumped slightly by Rs25 per maund and the settlement was declared at Rs3,175 per maund. Business activities in the Sindh region were positive with higher trade volumes.

Mr Ghulam Rabbani, one of the Directors of Karachi Cotton Association (KCA), said that fine lint fetched Rs3,200 per maund, slightly higher prices due to growing demand from spinning sector.

Few future deals for all kinds of lint were inked at around Rs3,125 per maund to Rs3,150 per maund. Around 200 bales of southern Punjab were traded at Rs3,050 per maund and Rs3,120 per maund and another 200 bales of upper Sindh at Rs3,150 per maund.

On Tuesday, market slipped further by Rs25 per maund and cotton prices stood at Rs3,150 per maund.

Market analysts say that since August cotton prices in the domestic market dropped by 18 percent from its record level of Rs4,350 per maund and it can be attributed to arrival of new cotton crop in the market. However, current lint prices are quoted at around Rs3,200 per maund, which is nearly 22 percent high when compared to last year's level.

Nearly 200 bales of Mirpurkhas exchanged hands at Rs2,850 per maund to Rs2,900 per maund and 200 bales of upper Sindh exchanged hands at Rs3,150 per maund.

Another blow came when spot rates for cotton plunged further by Rs150 per maund on Wednesday and was declared at Rs3,000 per maund.

Currently, local cotton prices are hovering at around Rs3,000 per maund, but fine lint remained on the higher level on back of demand from the leading users. Around 200 bales of southern Punjab changed hands at Rs2,950 per maund to Rs2,960 per maund; some 200 bales of upper Sindh changed hands at Rs3,000 per maund and 200 bales of Mirpurkhas were traded at Rs3,025 per maund.

On Thursday, spot rates stood at Rs2950 per maund. Business in local market observed in small volume. 3000 bales traded in Rajanpur at Rs3000 per maund; 3000 bales of Chichawatni sold at Rs3000; another 1000 bales of Jalalpur changed hands at Rs3000; near about 2200 bales of Bahawalpur finalized at Rs3000; around 1500 bales of Sultanabad sold in Rs2700 and Rs2800; while in another contract 1600 bales of Shahdadpur sold at Rs2800 and Rs2900 per maund.

The spot rate at KCA on Friday remained firm and strong, with the settlement prices stood at Rs2950 per maund, as previous day. Very few trade deals were struck in local market. All whatever was sold or bought remained in a range of Rs3000 to Rs3100 per maund.

According to Mr Rabbani, majority of the sellers stopped offering their stocks on lower price, as reports of TCP joining the league is in the air to provide relief to the sector.

The spot rate at KCA on Saturday remained firm and strong. The settlement price was declared at Rs2950 per maund, similar to previous day. Whatever volumes were sold amid thin transactions, the price stood with in the range of Rs3000 to Rs3100 per maund.

For complete quotation of today's price click here

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 21st Jul 2017

No shortage of cotton & yarn in country: Minister

There is no shortage of cotton and yarn in the country, and the...

Textiles | On 21st Jul 2017

CAI revises 2016-17 cotton crop to 337.25 lakh bales

Cotton Association of India (CAI) has upwardly revised cotton crop...

Textiles | On 21st Jul 2017

GST hits carpet industry, 5,000 units may shut down: CEPC

The handmade carpet industry has been affected badly following the...

Interviews View All

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X