Although, the cotton crop in the current fiscal has suffered for a variety of reasons, including poor germination in Punjab, high temperatures during August and September 2007 and pest like mealy bugs attacks, traders are quite happy with positive trade deals.
During the week starting from July 1- 5, the market remained in the tight grip of traders.
Leading ginners quoted higher rates for their crops during the trading session at the Karachi cotton market on Monday. Mills were eager to purchase lint even at a higher rate from the spot rates quoted by Karachi Cotton Association. On this day, fine lint were fetched at higher rate around Rs4,000 per maund.
On Tuesday, trading sessions remained firm as cotton rates declined. At the same time The Karachi Cotton Association (KCA) decreased the spot rate to Rs3,700 per maund, registering a decline of Rs50.
Wednesday, the market saw a moderate trading session with the arrival of new cotton crop. Most of the deals completed were of the new crop, sold at Rs3,700 per maund, spot rates of KCA. On the other hand, near about 1,872 bales of old crop were also purchased in Khanpur at the similar rate.
On Friday and Saturday, spot prices for cotton from Karachi Cotton Association remained at Rs3,650 per mound, which of course nearly Rs50 lesser as quoted earlier.
Presently, the spot rates at the Karachi Cotton Association (KCA) remained firm at Rs3,650 per maund and demand for fine lint moved on to the higher side.
For complete quotation of today's price click here
Fibre2fashion News Desk - India
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