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Spot rate of cotton witnesses surge
22
Dec '10
There has also been a rise in the spot rate of cotton in the Karachi cotton market.

The spot rate of cotton showed an increase of Rs 100 to reach the level of Rs 9,300 per maund whereas the physical prices of cotton continued to remain strong because of the heavy demand from the textile industry.

Majority of the transactions in almost all grades of cotton lint exceeded the level of Rs 9,700 per maund with cotton supply being fixed in Punjab.

Spinners has been purchasing all grades of cotton lint at competitive prices so as to make their stocks stronger for exporting yarn, which is likely to pick up in the global market by mid of January, next year after the long Christmas holidays. Prices of raw cotton are also likely to reflect an upward trend in both the local and the global market as a result of the deficit in output in addition to the rising demand for yarn as well as cloth.

Cotton trading continued to remain range-bound at the Punjab stations and most of the purchasers as well as sellers were involved in settling the prices.

This year around 937,7263 bales of cotton has arrived till December 15 as compared to 112,91149 bales of cotton that had arrived in the corresponding period of the previous year. Commercial exporters of the private sector remained involved in settling the prices with traders and purchased less stock.

Majority of the transactions in Punjab took place between Rs 9,200 per maund to Rs 9,800 per maund whereas in Sindh the transactions materialized at Rs 9,700 per maund regardless of the grade.

Punjab stations continued to remain the volume leader as over 18,600 bales of cotton lint were traded whereas Sindh remained the price leader as it had witnessed transactions taking place at above Rs 9,800 per maund during the business session. Cotton lint prices continued to remain strong on the basis of the speculations that demand is likely to increase by 5 percent in 2011.

New York March 2011 cotton futures stood at 150.12 cents per pound while May futures remained at 138.39 cents per pound. Cotlook A Index stayed at 178.35 cents per pound.

Fibre2fashion News Desk - India

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