Cotton market turns sluggish

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KARACHI: Prices and trade turnover of cotton fell at the open market ahead of the holiday season at the national and international levels, said dealers on Friday.

 

“Cotton market witnessed sluggish trade ahead of the holiday season,” said Naseem Usman, a broker at the Karachi Cotton Exchange. “The next week will observe additional public holidays on account of Quaid-e-Azam Day, Benazir Bhutto Day and Urs of Shah Abdul Latif Bhittai.”

 

The commodity was trading at the minimum price of Rs5,400 per maund (37.324 kilogram) and the maximum of Rs6,100 per maund at the open market.

 

The Karachi Cotton Exchange (KCE), however, kept its spot rate unchanged for the fourth consecutive day at Rs6,000 per maund.

Spinning mill-owners bought around 9,100 bales against 23,400 bales bought a day ago, according to the KCE.

 

Rahim Yar Khan witnessed highest trade of 2,200 bales at Rs6,050 per maund followed by Shujaabad, which traded 1,200 bales at Rs5,900 per maund, it added.

 

Other markets in the country traded the commodity in the range of 100 bales to 800 bales each, it added.

 

Shakeel Ahmed, another broker at the KCE, said that the market remained sluggish due to the beginning of Christmas holidays at the international level. Afterwards, holidays on account of the New Year and annual leave in China from January 1-10, 2013 would keep the world cotton markets dull.

 

Earlier, Pakistan Cotton Ginners’ Association reported 10.76 million bales of 155 kilogram each for the period from July 1 to December 12, 2012, which were lower by 267,157 bales from 11.03 million bales reported for the same period in 2011.

 

 

Courtesy:  The News


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