Thin trading on cotton market

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KARACHI: The Karachi Cotton Exchange (KCE) witnessed thin trading on Wednesday, however, commodity prices went up for the second consecutive day in the international market, dealers said.
“Owing to low trading volume, spot rates of the Karachi Cotton Association (KCA) remained firm despite continuous rises in the international market,” said Ghulam Rabbani, director of the Karachi Cotton Association.
“There is not a single report in the domestic market that any deal of the commodity has been made more than Rs12,000 per maund on cash, but there are still reports that prices shot up to Rs13,000 per maund on credit,” he said.
Spot rates of the Karachi Cotton Exchange (KCE) remained stable at Rs11,500 per maund and Rs12,350 per 40 kg for average quality lint.
However, seedcotton (Phutti) was sold in the range of Rs4,500 and Rs4,900 per 40 kg in Sindh and Rs5,000 and Rs5,400 per 40 kg in Punjab due to quality produce.
On the International Commodity Exchange (ICE), New York, raw cotton for March and May contracts recovered 0.78 cents and 2.88 cents to close at $1.75 and $1.73 per pound for the second straight day, respectively, while whetting appetite for ginned cotton.
Meanwhile, the country’s sales fell to 7,900 bales of raw cotton (of 170 kg each), including 400 bales from Mirpur Mathelo; 1,800 bales from Deharki ranging between Rs11,800 and Rs12,000 a maund and another 200 bales each from Haroonabad, Mongi Bangla, Pir Mahal, Rahim Yar Khan; 400 bales each from Chishtian, Mian Channu and Sadiqabad; 600 bales from Dera Ghazi Khan; 3,100 bales from Rajanpur varying between Rs10,500 and Rs12,450 per maund.

(Source: http://www.thenews.com.pk/TodaysPrintDetail.aspx?ID=30286&Cat=3&dt=2/10/2011)

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