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Spot prices for cotton at KCA stabilize

29
Dec '08
Since Trading Corporation of Pakistan (TCP) started procuring cotton from ginners, Karachi Cotton Market acquired a bullish trend.

During the week starting from December 22 to 27, 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 due to growing demand from the traders for various types of lint, market activity remained brisk on Monday.

On this day, spot rate increased by Rs75 per maund and the settlement was declared at Rs2,925 per maund. Nearly 21,000 bales exchanged hands while fine quality cotton fetched slightly higher price around Rs3,070 per maund.

TCP inked several contracts with the ginners in Sindh and Punjab cotton belt stations at Rs3,202 per maund. Active participation from TCP boosted the trading anad physical prices of cotton.

In the local market contracts for 200 bales were executed in Sindh at around Rs2,990 per maund while the trading remained with in the range of Rs2,980 to Rs2,995 per maund.

On Tuesday, the spot rate at KCA settled at Rs2925 per maund. Domestic market lacked activities but a contract in Mirpurkhas was registered at Rs2800 for 400 bales.

Ginners in Punjab and Sindh withheld fine lint hoping price to go further up during the next trading sessions. The physical market prices remained around Rs2,925 and Rs3,000 per maund.

Some ready market deals also changed hands below KCA's existing spot rate during the trading session. In the local market contracts for 200 bales were executed in Sindh at around Rs2,990 per maund while the trading remained in a range of Rs2,980 to Rs2,995 per maund.

The spot rate for cotton at KCA stood firm and strong and was settled at Rs2,925 per maund on Wednesday with no changes from previous day. Domestic market remained dull on the back of lack of activities.

In the domestic market few of the trade deals were inked. Nearly 400 bales of Moro sold at Rs2900; 1400 bales changed hands at Hala at Rs2900; 1400 bales sold in Liaqat pur at Rs3000; 3000 bales of Ahmed pur sold at Rs3000; 1000 bales of Noor pur sold at Rs3000; 2000 bales of Sadiqabad sold at Rs3050; 3000 bales traded in Rajan pur at Rs3050; 1500 bales of Khanewal traded for Rs3000. While in Upper Sindh area about 11000 bales have been traded with in the range of Rs3000 to Rs3100, on letter of credit basis.

Due to the celebration of Christmas, KCA market remained closed on Thursday.

Trading session remained brisk on Friday, amid stable spot rate which stood at Rs2,925 per maund with high volumes and higher asking rates at the Karachi cotton market.

In Punjab and Sindh region, around 35,000 bales were traded at different stations with in the range of Rs2,950 to Rs3,150 per maund. Even few of the deals fetched over Rs3,200 per maund while commercial exporters obtained lint of all qualities to consolidate their long positions observing the growing demand for the same.

On Saturday, the spot rate at KCA stayed firm and strong and the settlement price was declared at Rs2,950 per maund with no changes.

Trading remained moderate at the Karachi cotton market with active participation by TCP during the week.

For complete quotation of today's price click here

Fibre2fashion News Desk - India


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