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New crop to bring new activities on cotton market

10
Jun '10
If dealers are to be believed, then a stable trend was recorded on the cotton market, as majority of the participants believe that the trading activities will start again, by the end of this month, when new manufacturing will begin to reach the ginning factories.

The official spot rate at the Karachi Cotton Association (KCA) maintained the overnight level at Rs 6,350. More so, during the daily trading it was anticipated that a deal, mill to mill, was also inked at Rs 6,400, informed the dealers.

As of now, buyers and sellers, both are waiting anxiously for the new crop arrival, which is likely to take place by the end of this month. Meanwhile, buyers are trying to procure cotton from foreign markets, to meet their requirements.

The important cotton contracts on ICE Futures completed at 1.1 cent or 1.42 percent, an increase by 78.32 cents per pound.

Fibre2Fashion News Desk - India


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