Raw cotton prices remain stable


94116-050-CB8C71F6[1]KARACHI: Raw cotton remained stable on Wednesday, despite a rise in the international market, dealers said.
Spot rates of the Karachi Cotton Exchange steadied at Rs9,700 per maund and Rs9,820 per 40kg for average-quality lint against a surge in the world market.
Seedcotton (Kapas) held steady, varying between Rs3,900 and Rs4,500 per 40kg, depending upon the quality produce in the country.
Moreover, raw cotton for March and May contracts recovered 1.58 and 1.59 cents to close at $1.43 and $1.37 per pound, respectively, at the International Commodity Exchange (ICE), New York.
“Trading at the Karachi Cotton Exchange (KCE) lost momentum as growers were unwilling to sell the commodity, hoping for higher prices in the upcoming days,” said Shakeel Ahmed, a leading cotton trader at the KCE.
Meanwhile, the market turnover stood at 10,400 bales of raw cotton (170kg each), including 800 bales from upper Sindh; 600 bales in mill-to-mill deals, varying between Rs9,800 and Rs10,000 per maund; another 600 bales from Mianwali; 1,200 bales each from Rahim Yar Khan and Sadiqabad; 1,400 bales each from Burewala and Dera Ghazi Khan; 400 bales each from Khanewal, Kehror Pakka, Rajanpur, Fazilpur, Bahawalpur, Yazman and Gojra; and 200 bales each from Shahdan Lund and Chichawatni, ranging between Rs9,500 and Rs10,050 per maund.

(Source: http://www.thenews.com.pk/TodaysPrintDetail.aspx?ID=24047&Cat=3&dt=1/6/2011)