Karachi—In the absence of availability of proper transport buyers were not able to finalise the desired deals on the cotton market, dealers said. The Karachi Cotton Association (KCA) official spot rate was maintained at overnight level of Rs 5,750, they said. Prices of seedcotton in Sindh were unchanged at Rs 2200-2700 and rates in Punjab also followed same pattern, showing no change in the overnight levels at Rs 2400-2800, they said.
In ready dealings about 12,000 bales of cotton changed hands between Rs 5,400-6,100, they added. Trading activity was down as transport owners were charging double rates for their vehicles because animals’ owners were busy in shifting from their destinations to sell the sacrificial animals on the occasion of Eid-ul-Azha. Other analysts said that many mills and spinners covered the forward buying as they were informed that they will face difficulty because transportproblems.
It is interesting to see that under the circumstances how the local market reacts to the global market trend in the near future? Some of the market players were of the view that exports are showing betterment and it is likely that contamination-free products may help in achieving the textile target for the current season.
On Friday the NY cotton futures ended fractionally higher, rising for the sixth straight session as players mulled Europe’s initiatives to tackle its regional debt crisis, analysts said. The key December cotton contract on ICE Futures US added0.05 cent to close at $1.0437 per lb, dealing from $1.0259 to $1.0505.—Agencies