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Spot rate of cotton touches historic high level
03
Feb '11
Following a short break, the official spot rate registered a hike to reach a historic high level in the cotton market, yesterday, owing to the continuous demand from the global market. The Karachi Cotton Association (KCA) spot rate had increased by Rs 200 to touch Rs 11,000. Prices of phutti remained the same in both Sindh and Punjab stations at Rs 4200-5200.

In ready business, trading showed some improvement as around 12,000 cotton bales had been traded between Rs 10,200-11500. Some ginners reflected keenness in fresh trading but sealed deals at prices lower than their expectations. Mills were also prepared to purchase the cotton.

Basically, shortage of cotton in the market and higher demand forced the prices to rise high. The government may take the necessary action to remove the uncertainties prevailing in the market. The ginners are keeping themselves busy in selling cotton to keep the trading activity more dynamic.

Government of India has asked the Indian exporters to apply for cotton yarn exports for the quantities that remained unshipped out of the 720 million kg that has been permitted in 2010-11 season. Exporters are required to apply for the same between February 2 and February 7. Once they get the approval they are required to ship the remaining quantity by March 31, 2011. This might impact the cotton prices in the market.

Fibre2fashion News Desk - India

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