Cotton prices at KCA remain firm
Dec '08
During the week starting from November 24 to 29, the market remained in the tight grip of traders.
Mr Ghulam Rabbani, one of the Directors of Karachi Cotton Association, (KCA), while speaking to Fibre2fashion, told that spot rate at KCA, on Monday, moved down by Rs75 and was declared at Rs2,875 per maund.
Rare activities were observed in the market. It seemed that both sellers and buyers are awaiting Trading Corporation of Pakistan (TCP) to step in the market.
On this day, 1200 bales of Shangar cotton was sold with in the range of Rs2700-Rs2750 per maund; 1000 bales of Upper Sindh at Rs2900-Rs2950; 2000 bales of Khanewal at Rs2900-Rs2960 per maund.
On Tuesday, the spot rate at KCA was settled at Rs2825 per maund reflecting a fall of Rs50. In the local market small quantities were traded. In Sindh all the businesses remained with in the Rs2700 to Rs2850; while in Punjab the range in which all the trading executed remained Rs2700 to Rs2950. Around 200 bales of southern Punjab were traded at Rs2,925 per maund and 200 bales of upper Sindh at Rs2,860 per maund.
The stakeholders are now counting on the entry by TCP to stabilise the market price.
Demand for the fine lint remained on the higher side as spot rates at KCA stood firm and strong at Rs2,825 per maund with all eyes on Wednesday's meeting in Islamabad on TCP's entry in the market.
In the local market small quantities were traded. Around 400 bales of Sadiqabad were traded at Rs2,900 per maund; 400 bales of Shadan Lund at Rs2,900 per maund; 400 bales each of Khanewal, Dera Ghazi Khan, Bahawalnagar exchanged hands at Rs2,850 per maund and 200 bales of Ahmedpur were sold at Rs2,850 per maund.
On Thursday, the spot rate at KCA was quoted at Rs2825 per maund with no changes from the previous day. Trading gained momentum amid high hopes of TCP's entry in the market.
According to Mr Rabbani, commercial exporters procured lint of all qualities to consolidate their long positions on reports of price to go up in the next sessions.
In the local market 1000 bales of Jampur cotton was sold at Rs2900; 1000 bales of Sadiqabad at Rs2900; 400 bales of Liaqatpur exchanged hands at Rs2900; while some 3000 bales were traded in Yazman and areas around traded at Rs2850.
The spot rate at KCA continued to be stable and was quoted again at Rs2825 per maund on Friday. In the local market very few trade deals were struck and all in a range of Rs2850 to Rs2950. TCP remained the most discussed and hot topic. And experts are of the opinion, by the end of this week, TCP will start procuring cotton from the farmers and MSP will also be fixed.
Around 400 bales of Khanewal was traded at Rs2850 per maund; 600 bales of Rajanpur,200 bales of Ahmedpur, 400 bales of Fazilpur exchanged hands at Rs2900 per maund.
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