Cotton Prices at KCA move up
Traders at the Karachi Cotton Market were quite active as demand for high quality lint remained on the higher side.
During the week starting from January 12 to 17, the market remained in the tight grip of ginners.
Mr Ghulam Rabbani, one of the Directors of Karachi Cotton Association, (KCA), while speaking to Fibre2fashion.com informed that the spot rate at KCA remained firm on Monday and settlement price was declared at Rs3,200 per maund with rising inquiries for fine lint during the trading session.
In the local market 1000 bales of Tando Adam sold at Rs3250; 800 bales of Shahdad pur sold at Rs3200; 600 bales of Sanghar sold at Rs3200; 400 bales of Jhol sold at Rs3200; 1000 bales changed hands in Hyderabad at Rs3250; 200 bales of Sirhari traded at Rs3250; 200 bales of Khanewal sold at Rs3300; 1800 bales of Bahawalpur sold in a range of Rs3100 to Rs3300; 400 bales of fort Abbas sold at Rs3225; 400 bales of Sadiqabad sold at Rs3275; while 600 bales of Haroonabad sold at Rs3225 per bale.
On Tuesday, the spot rate at KCA remained unchanged at Rs3200 per maund. In the local market 1000 bales of Mian Chunnu sold at Rs3325; 1500 bales of Ahmed pur sold in a range of Rs3250 to Rs3400; 2800 bales of Rahim yar khan in a range of Rs3200 to Rs3400; 1000 bales of Saleh pat sold at Rs3275; 800 bales of Yazman at Rs3300; 400 bales of Fazil pur sold at Rs3300; 400 bales of Rajan pur sold at Rs3300 per bale.
A brisk trading session and growing demand for fine lint pushed the physical prices on the higher side. The spot rate at KCA moved once again to Rs3275 per maund, reflecting a rise of Rs75 per on Wednesday.
In the local market 1400 bales of Khan pur sold at Rs3150; nearly 3000 bales sold in upper Sindh in a range of Rs3300 to Rs3375. Around 600 bales of Mirpurkhas sold at Rs3160; 800 bales of Sultanabad changed hands at Rs3110; 7000 bales were traded at Kabir wala at Rs3400. Near about 3200 bales of Mian Channu also sold at Rs3400; 800 bales of Liaqat pur traded at Rs3275; 800 bales of Shuja abad sold at Rs3300; 400 bales of Khanewal sold at Rs3200. Around 200 bales Mongi Bangla sold at Rs3200; 400 bales of D G Khan sold at Rs3175; and in another contract of 200 bales of Rahim yar khan prices were quoted at Rs3200 per maund.
The spot rate for cotton at KCA stood firm and strong and was settled at Rs3275 per maund on Thursday with no changes from previous day. In the local market 400 bales of Shah pur chakar sold at Rs3150; 1000 bales of Shahdad pur sold at Rs3175; 600 bales of Sanghar sold at Rs3150; 800 bales of upper Sindh sold at Rs3400; around 3000 bales traded in Khanewal at Rs3400; 400 bales of Yazman changed hands at Rs3250; about 600 bales of Rahim yar Khan sold at Rs3200; 800 bales of Bahawalpur sold at Rs3300; 2200 bales of Ahmed pur stood with in the range of Rs3250 to Rs3400; 1200 bales of Mongi Bangla sold at Rs3200; 200 bales of Mian Channu sold at Rs3400; and 800 bales of Fort Abbas sold at Rs3250.