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KCA spot rate continues to remain firm
28
Jan '11
The trading session remained firm yesterday in the Karachi cotton market, as the top buyers remained keen on buying fine lint in the midst of spot rates being firm and physical prices being strong.

The KCA spot rate stood at Rs 11,600 per maund whereas the physical prices continued to be strong at about Rs 11,800 per maund accompanied by soaring demand. Major mills and spinners purchased fine lint at competitive prices in both Punjab and Sindh stations.

Ginners were quite forceful as the demand for cotton yarn in the domestic as well as global markets had driven the spinning industry to strengthen their long standing by trading lint of various grades.

The ginning industry, mostly in Punjab is in a better position to obtain cottonseed at competitive price since Sindh stations were experiencing shortage of cottonseed. Fine lint prices stood high in the domestic market as most of the ginners were less keen on producing fine grade lint.

Trading took place at Punjab stations between Rs 11,130 per maund and Rs 11,380 per maund on the basis of the grade exchanged during the session.

Trading in the upper Sindh stations took place beyond Rs 11,200 per maund. Punjab continued to remain the volume leader and contributed 80 percent of the total trading deals accounting for 24,000 bales at competitive prices during the trade.

Commercial exporters from private sector purchased fine lint anticipating its scarcity and surge in its demand in the coming days.

The New York futures maintained a rising trend and extended strong foothold to the sellers who are in a position to hold back powers in the global market. 2011 March futures reached 166.83 cents per pound and May futures remained at 159.33 cents per pound whereas Cotlook A Index stood at 189.50 cents per pound.


Fibre2fashion News Desk - India


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