Raw cotton holds steady


KARACHI: Prices of raw cotton remained stable on Tuesday, however, commodity prices rose in the international market, dealers said.
Spot rates of the Karachi Cotton Association remained steady at Rs9,800 per maund and Rs10,503 per 40kg for average-quality lint. But seedcotton (phutti) was sold at higher prices, varying in between Rs3,900 and Rs4,450 per 40kg.
“The Karachi Cotton Exchange (KCE) witnessed brisk trading as mill-owners have bought a good number of bales from unwilling ginners who have been hoarding and holding stockpiles,” said Naseem Usman, Chairman, Karachi Cotton Brokers Forum.
“Local cotton prices are expected to increase in the upcoming days in the wake of a surge in the international prices.”
Moreover, raw cotton for March and May contracts went up by 2.65 and 2.67 cents to settle at $1.43 and $1.39 per pound, respectively, at the International Commodity Exchange (ICE), New York, while whetting appetite for the commodity.
Meanwhile, Usman told The News that India would export remaining 1.9 million out of 5.5 million bales of cotton across the world as Indian government received 928 applications from its exporters so as to dispose of the remaining commodity in the days to come.
The market turnover stood at 15,400 bales of raw cotton (170kg each), including 400 bales from Shahdadpur; 200 bales from Tando Adam; 600 bales from Moro; 2,000 bales from upper Sindh; 1,800 bales in mill-to-mill deals, ranging between Rs9,600 and Rs10,000 per maund, another 400 bales each from Bahawalpur and Bhakkar; 200 bales each from Depalpur and Shahdanlund; 1,000 bales from Janpur; 2,000 bales from Ahmedpur and Sadiqabad; 3,000 bales from Rahim Yar Khan; and 1,200 bales in mill-to-mill deals, varying in between Rs9,700 and Rs10,000 per maund.

(Source: http://www.thenews.com.pk/TodaysPrintDetail.aspx?ID=25146&Cat=3)