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Spot rate of cotton continues to remain firm
14
Feb '11
Cotton trading continued to remain fast at the Karachi cotton market in the midst of a firm spot rate and strong physical prices on February 11.

The spot rate remained unchanged at Rs 11,500 per maund whereas physical prices exceeded Rs 13,500 per maund owing to the increase in demand.

The major mills in Punjab bought all grades of cotton lint on competitive prices whereas ginners in Sindh stations who had withheld fine lint had been asking for prices above Rs 13,600 per maund.

During the trading session, spinners in the Sindh province bought fine grade lint at the price of Rs 13,500 per maund.

The textile as well as spinning sectors in Pakistan have started estimating import price parity of Brazil, USA and South Africa as they have to start importing lint from these countries since the Indian Ministry of Commerce had stopped the export of lint.

Owing to the ban imposed on the exports from India, the country's textile sector has to face a stiff price competition in the global market and also have to bear higher costs of imports in the near future.

Pakistan has to face competition from countries like India, Bangladesh and Thailand in the global textile and clothing market.

In both Punjab and Sindh stations, mill-to-mill business took place as a number of small as well as middle units purchased plenty of lint to fulfill their demands.

Most of the cotton trading in Punjab took place between Rs 12,500 per maund and Rs 10,700 per maund depending upon the grade variety.

Cotton trading in the upper Sindh region took place at Rs 13,400 per maund whereas in Punjab, textile and spinning sectors bought 27,000 bales of cotton thereby accounting for 80 percent of the total trading that took place on Friday.

The New York Futures market reflected an upward trend and continued to have firm global cotton prices as March Futures 2011 exceeded 187.58 cents per pound and May 184.98 cents per pound whereas Cotlook A Index stood at 209.75 cents per pound.

Fibre2fashion News Desk - India

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