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Cotton spot rate touches an all time high
18
Feb '11
Spot rate of cotton touched an all time high of Rs 11,800 per maund, yesterday, following the trend of a record high price in the global market.

The Karachi Cotton Association (KCA) spot rate increased by Rs 300 to reach the record high level of Rs 11,800 per maund for lint of average quality, exceeding the earlier record of Rs 11,500 per maund on February 4.

Seedcotton (Phutti) prices registered a hike of Rs 200 to hit an all time high of Rs 5,700 per 40kg, surpassing the earlier record of Rs 5,500 per 40kg on February 3.

Two important factors have led to the hike in cotton prices in the local and global markets. India is hesitant to fulfill the contracted deals of raw cotton with spinning mills from importing countries.

Besides, several US cotton dealers have lifted the commodity in huge masses as the US wants to decrease the value of its dollar in order to raise its exports in all sectors. Prices are likely to surge further in the open market owing to the presence of both these factors.

Raw cotton for both March as well as May contracts at the International Commodity Exchange (ICE) increased by 7 cents each to strike a record high of $1.97 and $1.94 per pound, respectively, in the middle of low supplies from exporting nations and active purchasing owing to the strong demand in the market.

Cotton trading in the domestic cotton market became slow due to the rising prices and low supply. The country's raw cotton sales declined to 3,000 bales with a price ranging between Rs 12,000 and Rs 13,000 per maund.

Fibre2fashion News Desk - India

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