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Cotton price at KCA rebounds

03
Nov '08
Cotton growers are facing serious threat as prices of the same have taken a downward trend. Experts are of the opinion that this fall is the outcome of global financial turmoil.

During the week starting from October 27 to November 1, the market remained in the tight grip of traders.

Ghulam Rabbani, Director of Karachi Cotton Association (KCA) stated that lint market slipped further on Monday, and the settlement declared at Rs2900 per maund with a decrease of Rs100.

Business activities were quite thin on this day, and lint of different qualities exchanged hands with in the range of Rs2850 to Rs3000 per maund. Market regained some strength and stability with the news that Trading Corporation of Pakistan (TCP) will enter the market to support the prices.

Tuesday was more or less similar to the previous day, with no changes in the prices of cotton at KCA, which stood at Rs2,900 per maund. Market remained active as players were positive with the TCP re-enterence news.

The spot rate at KCA regained some strength and the settlement price was declared at Rs2,950 per maund with an increase of Rs50 on Wednesday. The market witnessed a dull trading session amid increasing spot rate and growing demand for fine lint. Few deals were struck and prices stood with in the range of Rs3050 to Rs3100 per maund.

According to Mr Rabbani, an active trading session was observed on Thursday KCA Market. Growing demand for fine lint from the traders and surging spot rates left cotton producers beaming.

The spot rate at KCA was declared at Rs3,050 per maund reflecting a rise of Rs50 per maund. Deals were made in a range of Rs3,050 to Rs3,200 per maund during the trading session. Demand for the lint was on the higher side with ample of trade inquiries.

Experts are of the opinion, cotton growers will be most benefited if TCP enters the market. It will help in balancing the supply and demand equilibrium and in coming days cotton prices may touch Rs3,400 per maund.

On Friday, the spot rate at KCA moved upward direction and the settlement declared at Rs3125 per maund with an increase of Rs75. Small businesses were observed but all in a range from Rs3100 to Rs3250.

The spot rate at KCA remained unchanged on Saturday and the settlement stood at Rs3,125 per maund.

For complete quotation of today's price click here

Fibre2fashion News Desk - India


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