Pakistan: Trading remains firm at cotton market

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KARACHI: Trading remained firm with fine lint in focus amid strong physical prices for fine grades in Punjab stations, traders at the Karachi Cotton Association (KCA) said on Wednesday.

The KCA kept the spot rate unchanged at Rs 6,000 per maund, floor brokers said.

Traders said mills remained busy dealing in fine lint, which was not available in plenty particularly in Sindh stations, for blending purposes.

Fine lint prices remained firm at around Rs 6,425 per maund in Punjab stations while second grade lint changed hands at major stations in Sindh at around Rs 4,210 per maund.

Spinners made deals for lint of all grades in Punjab and Sindh stations on competitive prices at around Rs 4,250 per maund to Rs 4,125 per maund while private sector commercial exporters purchased lint of all grades at around Rs 4,050 per maund in Punjab and Sindh stations.

Sellers withholding contaminated lint around seven to 10 percent in Punjab and Sindh stations offered their produce at around Rs 4,000 per maund and Rs 3,950 per maund during trading session, respectively.

The buyers and sellers in Punjab and Sindh stations also made forward deals for a month’s period on slightly higher rates at around Rs 5,100-4,900 per maund during the trading session.

The New York Futures market is instrumental in determining international lint prices and in case of local prices, raw grade lint remained under pressure, said an analyst. “Due to Indian and Chinese activity in international market, the overall prices of lint were under pressure due to large stocks in major lint producing countries.”

Around 9,600 bales changed hands in Punjab and Sindh stations during the trading session, he said.

The New York May Futures 2012 closed at 88 cents per pounds and July Futures 2012 at 89 cents per pound. Cotlook A index was hovering around 99 cents per pound.

Source: http://www.dailytimes.com.pk/default.asp?page=2012%5C05%5C17%5Cstory_17-5-2012_pg5_14

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