Home / Knowledge / News / Textiles / Cotton prices at KCA continue to fluctuate

Cotton prices at KCA continue to fluctuate

08
Dec '08
Market activities acquired a brisk pace as Trading Corporation of Pakistan (TCP) started procuring cotton from the ginners and set a minimum support price. The demand for the fine cotton lint remained on the higher side.

During the week starting from December 1 to 6, the market remained in the tight grip of ginners.

Mr Ghulam Rabbani, one of the Directors of Karachi Cotton Association, (KCA), while speaking to Fibre2fashion.com, told that spot rate at KCA, on Monday stood at Rs2,950 per maund with improved market activities in Punjab during the trading session.

In the local market small quantities exchanged hands. Around 200 bales of upper Sindh were traded at Rs2,900 per maund; 200 bales of Southern Punjab at Rs3,050 per maund; 200 bales of Liaquatpur were sold at Rs3,000 per maund and 200 bales of Haroonabad at Rs2,950 per maund.

On Tuesday, market bustled as traders made some aggressive moves. The spot rate at KCA jumped to Rs3000 reflecting a hike of Rs50 per maund on higher demand during the trading session.

Experts opine that price grew strong because Trading Corporation of Pakistan (TCP) intervened as second player in the cotton market.

On this day, high volumes were traded in Punjab with prices quoted at Rs3,050 per maund while in Sindh it hovered with in the range of Rs2,850 to Rs2,950 per maund depending on the quality.

In the local market, around 200 bales of upper Sindh were sold at Rs3,000 per maund; 200 bales of southern Punjab at Rs3,050 per maund; 200 bales of Mirpurkhas at Rs2,900 per maund and 200 bales of southern Punjab exchanged hands at Rs3,050 per maund.

The spot rate at KCA on Wednesday remained firm and strong and was declared at Rs3000 per maund with no changes from the previous day.

In the local market very few contracts executed in Sindh. The trading remained in a range of Rs2850 to Rs3000; while in Punjab all the deals were finalized between of Rs2900 to Rs3050.

TCP has announced the other day that initially they have bought 200 bales from each ginning factory of Pakistan at the rate of Rs3202 per maund, the rates declared is for the first purchase from TCP would be psci grade iii , staple 1-1/16.

On Thursday, the spot rate at KCA was settled at Rs3950 per maund showing a fall of Rs50 per maund. Recent arrival of cotton in the market has pushed the prices to the lower level.

The phutti prices in both Punjab and Sindh stood with in the range of Rs1425-Rs1550, informed sources from Pakistan Cotton Ginners' Association (PCGA).

According to market sources, significant fall had been observed in the daily purchases as traders were expecting cotton rates to fall further. On the other hand, ginners, were keen to sell cotton but not below the existing market price.

The thought that TCP's involvement would bring firmness in the rates has not materialized till now, however, experts think that it will take some time.

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Textiles | On 27th Oct 2020

Scottish businesses to gain from UK-Japan trade agreement

Scottish businesses, including textile firms, are set to benefit from ...

Pic: SA Company

Apparel/Garments | On 27th Oct 2020

TZP Group makes strategic investment in SA Company

TZP Group, through TZP Capital Partners III, a private equity firm...

Pic: Le Chateau

Retail | On 27th Oct 2020

Canada's Le Chateau files for bankruptcy protection

Canadian specialty retailer and manufacturer of exclusively designed...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Consumer sentiment will be conservative after lockdown

Mukesh Agarwal & Rajesh Agarwal, Madhuram Fincap Pvt Ltd

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Top executives, Textile industry

Top executives
Textile industry

The foremost issue is bridging the skill gap

Zennure Danisman,

Zennure Danisman

Since its inception in 1953, Orta Anadolu has been weaving a denim...

Laksheeta Govil,

Laksheeta Govil

Founded in 2014, Fizzy Goblet is a Delhi / NCR based handcrafted leather...

Zafer Demirel,

Zafer Demirel

Turkey's Canlar Mechatronics is a leading designer and manufacturer of...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Madison Maxey, Loomia

Madison Maxey
Loomia

Loomia designs and manufactures soft circuit systems that can be produced...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search