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Cotton trading session witnesses dull business
20
Dec '10
According to the cotton traders, business activity remained almost nil in the cotton market during the course of post-holiday trading session towards the end of last week. The official spot rate of cotton did not undergo any change and maintained the previous level. The Karachi Cotton Association (KCA) spot rate remained at Rs 9,100. Seed cotton prices in Sindh and Punjab remained between Rs 3,900-4,200.

As per the market sources, textile factories and exporters abstained from making fresh deals after the holidays and it is expected that the normal trading will resume next week only. Trading activity might experience a boost following the information that from now onwards, the Indian Ministry of Commerce is going to deal with the overseas importers of cotton in place of Indian Textile Ministry, in order to regularize the dealings.

The Pakistan Cotton Ginners Association (PCGA) has published biweekly reports of arrivals till 15th December, according to which 9.37 million bales of cotton has arrived this year as compared to last year's 11.02 million cotton bales, reflecting a decline of 1.09 million bales.

Cotton purchasing has been low owing to the Muharram holidays. Cotton prices increased in the global cotton market because of speculative purchasing. The domestic market also followed the same trend in spite of the low demand by the textile factories. The domestic cotton prices have never registered an increase or decrease of Rs 700-1000 per maund in a trading session in the history of cotton trading.

Fibre2fashion News Desk - India

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