Pakistan: Cotton market witnesses bullish trend

0
79

KARACHI: Trading at cotton market remained brisk with firm spot rate while physical prices of all grades remained strong, traders at the Karachi Cotton Association (KCA) said on Thursday.

The KCA kept the spot rate unchanged at Rs 5,900 per maund, floor brokers said.

During the trading session, mills bought all grades to strengthen their long positions in anticipation of grade issue in the next coming trading sessions.

The spinners in Punjab and Sindh stations made deals on back of yarn orders from local as well as foreign buyers, they added.

They also bought fine lint on competitive prices at around Rs 5,975 per maund in Punjab stations while in Sindh stations, buyers made deals at Rs 5,950 per maund, brokers added.

Buyers with less liquidity in Sindh and Punjab stations made deals for lint of all grades on competitive prices at around Rs 5,375 per maund and Rs 5,475 per maund.

More than 15,000 bales changed hands with more than 85 percent of Punjab’s share in trading. Private sector commercial exporters made deals for all grades on competitive rates at around Rs 5,625 per maund per maund in Sindh and Punjab stations.

“Stable New York Futures market’s prices are fundamental for domestic as well as international market’s stability and would likely keep the prices strong,” said an analyst. “The physical cotton prices are still strong as some business changed hands at around Rs 6,100 per maund in Punjab and Sindh stations while mills with better grade cloth orders are in need of fine grades.”

The sellers withholding raw grades in Punjab and Sindh stations offered their produce at around Rs 5,050 per maund to Rs 5,075 per maund, depending on thresh level.

New York Futures market remained stable as its prices on March 2013 Futures stood at 73.04 cents per pound and May 2013 Futures at 74.01 cents per pound. Cotlook Index A was hovering around 82 cents per pound.

Source: dailytimes.com.pk

LEAVE A REPLY