Pakistan: Cotton spot rate remains unchanged

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KARACHI: Trading at the Karachi cotton market remained continued to remain dull amid firm spot rate with fine lint in focus, traders at the Karachi Cotton Association (KCA) said on Monday.

The KCA kept the spot rate at Rs 5,250 per maund, floor brokers said. Traders said buyers in Punjab and Sindh stations were engaged in price war while deals were made on credit line for two months period. The private sector commercial exporters in Sindh and Punjab stations also made selective deals in second and raw grades on competitive rates at around Rs 5,000 per maund and Rs 4,500 per maund, respectively.

The price of low grades in Sindh remained at around Rs 4,150 per maund to Rs 4,250 per maund while in Punjab they were at around Rs 4,250 per maund to Rs 4,300 per maund. The downward trend in New York Futures market and Indian active trading in the international market kept the domestic market prices under pressure, said an analyst. He said Indian Shankar-6 was available at the local parity price level of Rs 5,500 per maund, which is considered as better grade.

He said the cottonseed arrival in the Sindh and Punjab ginneries was also putting some pressure on physical prices. The cottonseed prices in Punjab remained at Rs 1,125 per maund to Rs 2,000 per maund while in Sindh stations they were at Rs 1,025 per maund to Rs 1,850 per maund.

The New York March Futures 2012 closed at 88 cents per pounds and May Futures 2012 at 88.50 cents per pound. Cotlook A index was hovering around 101 cents per pound.

Source: http://www.dailytimes.com.pk/default.asp?page=2012%5C03%5C20%5Cstory_20-3-2012_pg5_10

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