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Cotton prices at KCA remain stable

Dec '08
Minimum Support Price set by TCP failed to perk up market activities and low volumes were traded at the Karachi Cotton Association (KCA).

During the week starting from December 15 to 20, the market remained in the tight grip of ginners.

Official sources from KCA informed Fibre2fashion.com that spot rates was declared at Rs2,850 per maund on Monday, December 15, with higher interest for fine lint. Lower demand from textile and spinning sector has slackened the market activity, however fine lint fetched over Rs3,000 per maund during the trading session.

In the meanwhile TCP has discontinued lifting cotton due to lack of funds for procuring cotton, and festival of Eid. This delay has created huge problems for the growers.

Very few contracts were inked in the local market, in Sindh and trading remained with in the range of Rs2,750 to Rs3,000 per maund. In Punjab all the trading remained at Rs2,900 to Rs3,000 per maund. Few future deals were signed with the expectation of growing demand of fine lint in the next coming sessions.

On Tuesday, most of the buyers showed their disinclination to make any deals; on the other hand, ginners were expecting TCP to intervene in the market for procuring cotton.

Market remained dull amid firm spot rate and the settlement was declared at Rs2,850 per maund during the trading session. With reports coming that TCP was not ready to lift 1,000 bales each from every ginning unit in the country, has created a disturbance in the market.

The domestic market remained under pressure due to lack of activities on low demand.

On this day, fine lint were traded at Rs3,000 per maund while growers were still waiting for reasonable phutti price around Rs 1,800 to 1,900 per 40 kg. In the local market very few contracts were executed and the trading remained in a range of Rs 2,775 per maund to Rs 2,975 per maund. In Punjab the trading remained in a range of Rs 2,850 per maund to Rs 2,950 per maund.

With cotton rates at firm position, numerous inquiries poured in on Wednesday. Spot rates at KCA stood at Rs2,850 per maund.

On this day nearly 12,000 bales exchanged hands while fine quality cotton fetched slightly higher price around Rs 3,000 per maund. Some of the ginners in Punjab and Sindh, withholding fine lint, remained confident for the price to go up.

In Sindh region trading remained in a range of Rs2,875 per maund to Rs 2,900 per maund. In Punjab, prices stood with in the of Rs2,825 per maund to Rs 2,900 per maund.

Although demand for fine lint moved to the higher side, spot rate at KCA stood still at Rs2,850 Per maund on Thursday.

Around 15,000 bales of fine quality cotton were sold on this day at slightly higher price of around Rs3,000 per maund.

In the local market very few contracts were executed in Sindh while the trading remained in a range of Rs 2,885 per maund to Rs 2,950 per maund. In Punjab allthe trading remained in a range of Rs 2,875 per maund to Rs 2,900 per maund. Few of the deals were inked even at lower prices.

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