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Spot rate of cotton remains steady
07
Jan '11
Firmness marked the cotton market yesterday as mills and spinners requiring cotton fixed deals in spite of the rising trend in the cotton prices. The Karachi Cotton Association (KCA) spot rate remained steady at Rs 9700. Prices of seed cotton also reflected an upward trend in both Sindh as well as Punjab where the prices remained at Rs 3,900-4,600.

In case of ready business, about 20,000 cotton bales were traded between Rs 9,300-10,000.

As per the latest fortnightly report of the Pakistan Cotton Ginners Association (PCGA), there has been a deficit of 1.7 million bales, suggesting that the prices might register a further hike in the near future. This is one of the major factors which had inspired the ginners to hold back the cotton stocks, so that they can earn higher profits.

The mills and spinners were not prepared to pay prices beyond that of the export prices, thereby decelerating the physical activities in the previous trading sessions. But several mills and spinners purchased cotton in order to fulfill their immediate requirements and also because of the growing apprehensions regarding the further hike in the cotton prices. Meanwhile, it also emerged that several spinners were not very keen on buying cotton above Rs 10,000 level in the near future.

Fibre2fashion News Desk - India

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