Pakistan: Trading improves slightly at cotton market

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KARACHI: Trading improved slightly at the Karachi cotton market as 8,000 bales were traded with fine lint in focus amid firm spot rate, traders at the Karachi Cotton Association (KCA) said on Wednesday.

The KCA kept the spot rate unchanged at Rs 5,800 per maund, floor brokers said.

Around 8,000 bales changed hands in Punjab and Sindh stations during trading session.

Traders said mills remained eager for fine lint even on slightly higher price, as stocks were shrinking particularly in Sindh stations besides general buyers bought lint of all grades on competitive price.

Fine lint prices remained at around Rs 5,975 per maund in Punjab stations while second grade lint changed hands at major stations in Sindh at around Rs 4,050 per maund.

Spinners made deals for lint of all grades in Punjab and Sindh stations on competitive prices at around Rs 4,150 per maund to Rs 4,000 per maund while private sector commercial exporters purchased lint of all grades at around Rs 3,950 per maund in Punjab and Sindh stations.

“The correction in New York Futures market is affecting the domestic prices, particularly raw grades as they are not in much demand,” said an analyst. “Indian Shankar-6 grade is available at around 58-59 cents per pound in the international market, which is denting local exports on price level.”

Cottonseed was available in Sindh and Punjab stations as it changed hands at around Rs 2,100 per maund and Rs 2,550 per maund, respectively.

The New York July Futures 2012 closed at 76 cents per pounds and October Futures 2012 at 75.50 cents per pound. Cotlook A index was hovering around 90 cents per pound.

Source: http://www.dailytimes.com.pk/default.asp?page=2012%5C05%5C24%5Cstory_24-5-2012_pg5_8

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