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Reducing lint stocks, prices may surge
10 Jun '10
2 min read
As per traders of the Karachi Cotton Association (KCA), reducing stocks of lint and also, the late arrival of 2010-11 lint crops, is likely to affect the prices in late June.
Superior quality of lint, continued to attract limelight with its low volumes along with strong physical prices and stiff spots rates at KCA. Spot rates of KCA remained same, standing at Rs 6,350 per maund, while raw lint earned higher than its said prices, almost Rs 6,450 per maund at key trading stations, averred brokers.
According to KCA trader, Shakeel Ahmad, apart from anxiously waiting for the new crop, which seems like a distant dream atleast till July 2010, leading members of the textile industry were also keen about the size of the crop.
Owing to the reducing number in lint stocks, prices are likely to go beyond Rs 7,000 per maund within the next couple of weeks. More so, with an anticipation of increasing prices, ginners in Punjab and Sindh have quoted their produce on competitive prices of about Rs 6,500 – 6,550 per maund.
Approximately, 400 lint bales have been traded at the Rahim Yar Khan for about Rs 6,500 per maund, during the trading season.
In the New York Future market, lint prices are floating around 79-70 cents per pound for October contracts, whereas for December contracts it is at 80 cents per pound.
Superior quality of lint, continued to attract limelight with its low volumes along with strong physical prices and stiff spots rates at KCA. Spot rates of KCA remained same, standing at Rs 6,350 per maund, while raw lint earned higher than its said prices, almost Rs 6,450 per maund at key trading stations, averred brokers.
According to KCA trader, Shakeel Ahmad, apart from anxiously waiting for the new crop, which seems like a distant dream atleast till July 2010, leading members of the textile industry were also keen about the size of the crop.
Owing to the reducing number in lint stocks, prices are likely to go beyond Rs 7,000 per maund within the next couple of weeks. More so, with an anticipation of increasing prices, ginners in Punjab and Sindh have quoted their produce on competitive prices of about Rs 6,500 – 6,550 per maund.
Approximately, 400 lint bales have been traded at the Rahim Yar Khan for about Rs 6,500 per maund, during the trading season.
In the New York Future market, lint prices are floating around 79-70 cents per pound for October contracts, whereas for December contracts it is at 80 cents per pound.
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