Home / Knowledge / News / Textiles / Spot prices for cotton at KCA stabilize

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


Must ReadView All

Pic: Shutterstock

Textiles | On 24th Sep 2020

IDH-Apparel Impact Institute launch Tier 1 Vietnam project

The Netherlands-based IDH-the Sustainable Trade Initiative and the...

Pic: UC SANTA BARBARA

Textiles | On 24th Sep 2020

US scientists assess synthetic fibres pollution on land

Scientists in the US have said that the volume of synthetic...

Pic: Bushell Investment Group

Retail | On 24th Sep 2020

Bushell Investment Group acquires shoe retailer ALDO UK

The Bushell Investment Group (BIG) has acquired the UK arm of the...

Interviews View All

Abhishek Ganguly, Puma India

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Spokesperson, Hugo Boss

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Marazban F Velati, Sutlej Textiles & Industries limited

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Karen Lou,

Karen Lou

Australia-based Sunseeker has been creating swimwear since 1970. Sunseeker ...

Yariv Bustan,

Yariv Bustan

Founded in Israel in 2015, Twine Solutions is a tech start-up that has...

Dejan Lalevic,

Dejan Lalevic

Mesdan SPA, a subsidiary of Italian firm Savio Macchine Tessili,...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

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


September 2020

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


Advanced Search