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Spot rate posts hike in cotton market
22
Feb '11
A firm trading session continued in the Karachi cotton market in the middle of rising spot rate and strong physical prices, yesterday.

The Karachi Cotton Association raised the spot rate by Rs 500 per maund to Rs 12,000 per maund whereas the physical prices of cotton reached Rs 13,800 per maund.

The mills and spinners from Punjab as well as Sindh stations purchased lint of all grades at competitive prices beyond Rs 12,200 per maund.

Around 95 percent ginners from the upper Sindh stations had reduced the pace of their ginning activities as most of the cottonseed inventories are getting exhausted.

Cottonseed cultivators in Punjab stations are reaping the advantages as they are approaching the end of the picking season. They are asking for better rates, more than Rs 5,600 per maund during the cotton trading session.

Cultivators would try to get maximum prices for their output during the remaining five to six fortnights left for cottonseed picking season.

After easing 100 points, the New York Cotton Market remained closed, whereas the China Cotton Market had experienced dull trading session.

This had influenced the trading in the domestic lint market as most of the buyers followed a wait and watch policy expecting a downward correction in the spot rate.

Fibre2fashion News Desk - India

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