Traders at Karachi Cotton Association (KCA) stated that business continued to remain range-bound in the midst of strong physical price and firm spot rate of cotton, even when the grade issue regarding cotton persisted in the market.
Brokers revealed that the physical prices of cotton continued to remain strong as most of the trading took place at Rs 8,100 per maund whereas KCA spot rates remained at Rs 8,300 per maund.
Majority of the business deals had taken place on the basis of mutual agreement as both the stocks as well as the number of purchasers were less at the time of trading in Punjab and Sindh stations.
The New York Futures market is till now under the correction phase and the sliding trend is a boon for the purchasers.
The domestic cotton lint price had not reduced as compared to the fall registered in the global market. This is a positive indication for the local traders. Majority of the ginning units located in Sindh had temporarily stopped their ginning activities as a result of the less availability of cotton seeds and premature commencement of cotton ginning.
The New York March Future remained at 111cents per pound whereas the May Futures stood at 112.97 cents per pound. Cotlook A Index remained at 147.95 cents per pound.
Fibre2fashion News Desk-India
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