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Daily worldwide cotton market report
27
Apr '09
The spot rate of KCA remained firm and strong, settlement declared at Rs. 3550/= with no changes today. In the domestic market 1800 bales of Rahim Yar Khan sold at Rs. 3600/=, 800 bales of Nawab Shah sold at Rs. 3575/=, and 200 bales of Sanghar sold at Rs. 3575/= .

Export inquiries are pouring in once again in Pakistan, may be because of the US cotton prices are high now a days.

Intermediate and fiber prices were Monday further rising in the Asian polyester chain. The lack of supply on the paraxylene market is pushing up prices to higher levels, although crude oil is stuck at around US$50 per barrel. Glycol less increased than paraxylene and PTA in the last six months as reflected by our series of historical graphs.

Cotton prices again rose in the last week, being boosted by speculative buying in New York. Demand for yarns is showing some signs of improvement in the Far East while China's cotton imports may rebound in the next season. The current wave of optimism may however rapidly end.

Viscose fiber prices are rising in Pakistan, in line with the current trend in VSF prices in China. Yarn prices are remaining relatively firm as a result, our Pakistan Correspondent reports, although not really rising until now. Demand was recently stimulated by a series of discounts.

Cotton yarn prices continued rising in the past two weeks in China, in line with higher cotton lint prices. A similar rebound in polyester and viscose fiber prices was not followed by an increase in polyester and viscose yarn prices while blended yarn makers were also unable raising their offers.

Ghulam Rabbani & Co.

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