Cotton prices record no change

17 Dec '05

2 min read

With KCA spot rate at Rs 2400 per maund, cotton witnessed average trade on Thursday at Karachi Cotton Market, which saw business of 9000 bales.

Cotton of several types from top mills struck deals during the session. Ginners from Punjab offered fine lint on higher prices. Fine lots of Sindh brought more than Rs 2,400 per maund, said ginners from Punjab.

Record local cotton consumption was the reason for the surge in local retail deals and exports of cotton textile and apparel products, said a trader. He also added that Pakistan was exporting upland cotton to Bangladesh.

Zero-duty preferential treatment from European Union and elimination of Multi-Fibre Arrangement have been instrumental in making textile and apparel industry very competitive.

A broker said ready market prices were between Rs 2,300 per maund and Rs 2,425 per maund. He added that major spinners also strengthened their positions.

Private sector exporters signed few deals for quality lint on competitive prices. Poor lint was offered by ginners of Sindh at the price around Rs 2320 per maund, stated a trader.

600 bales of Jahania changed hands at Rs 2,400 per maund, 2,000 bales of Bahawalpur at Rs 2,425 per maund, 1,000 bales of Ahmadpur East at Rs 2,425 per maund, 1,000 bales of Rahimyar Khan at Rs 2,425 per maund, 1,000 bales of Bahawalpur at Rs 2,425 per maund, 1,000 bales of Uch Sharif at Rs 2,400 per maund and 400 bales of Nawabshah at Rs 2,390 per maund, KCA sources.

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