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Cotton trading remains range-bound amid firm spot rate
02
Dec '10
According to the traders, cotton trading continued to remain range-bound in the midst of firm spot rate and strong physical prices at the Karachi cotton market.

The physical prices of cotton continued to remain strong, in spite of the rising demand for cotton lint of all grades, as majority of the trading took place at Rs 9,150 per maund. The brokers revealed that the Karachi Cotton Association (KCA) spot rate continued to remain the same at Rs 8,500 per maund.

The major buyers of cotton are keen on buying all grades of cotton lint though the dollar-rupee parity does not permit them to undertake huge import deals, currently. Reports of deficit in local production and higher global price of cotton are issues of immense concern for the export-driven downstream textile industry in addition to the spinning sector. The correction phase, which is still continuing in the New York futures market, has induced the prices to remain firm in the local market.

Ginners in Punjab have substantial stocks of cottonseed and the ginning activities are continuing at a moderate pace. To keep the market supply under control and to dictate the prices, majority of the ginners at Sindh stations have lowered the pace of ginning activities as the cottonseeds are less in supply.

Since over 14,000 bales of cotton were traded at Punjab station, it continued to remain the volume leader. Moreover, raw cotton was sold at the rate of Rs 8,500 per maund during the business.

Cotton trading continued to remain modest in majority of the Punjab stations whereas trading was
dry in Sindh. Most of the deals took place between Rs 9,000 per maund and Rs 9,200 per maund in Punjab whereas in Sindh, the deals were settled between Rs 8,700 per maund to Rs 8,800 per maund regardless of the cotton grade.

The New York March Futures remained at 115.76 cents per pound whereas the May Futures stood at 110.48 cents per pound. Cotlook A Index remained at 143.35 cents per pound.

Fibre2fashion News Desk-India

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