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Cotton trading remains low in domestic market
27 Dec '10
1 min read
Cotton trading had remained low in the local cotton market as the major buyers refrained from buying cotton on account of the uncertainty in the market caused by a number of factors. The Karachi Cotton Association (KCA) spot rate was brought down by Rs 400 in a single day slide to Rs 9000, whereas prices of seed cotton in Sindh as well as Punjab stood at Rs 3,900 and Rs 4,200.
Around 7,000 cotton bales were traded between Rs 9,000-9,500. Prices registered a decline after the fall in demand from mills as a result of the persistent drop in the prices of the NY cotton futures. Furthermore, mills are refraining from buying cotton because of the year-end payments which has to disbursed as well as the financial crisis. Cotton trading is expected to slow down in the coming days owing to the New Year and local holidays.
Meanwhile, a protective measure was adopted by the cotton authority of India. It had imposed a ban on the cotton yarn exports for the time being in order to protect the apparel industry of the country. This is likely to cause concern to the cotton traders in the near future.
Around 7,000 cotton bales were traded between Rs 9,000-9,500. Prices registered a decline after the fall in demand from mills as a result of the persistent drop in the prices of the NY cotton futures. Furthermore, mills are refraining from buying cotton because of the year-end payments which has to disbursed as well as the financial crisis. Cotton trading is expected to slow down in the coming days owing to the New Year and local holidays.
Meanwhile, a protective measure was adopted by the cotton authority of India. It had imposed a ban on the cotton yarn exports for the time being in order to protect the apparel industry of the country. This is likely to cause concern to the cotton traders in the near future.
Fibre2fashion News Desk - India
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