Cotton trading advances

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Thursday, August 15, 2013 - Karachi : Cotton trading in Sindh and Punjab stations improved amid firm spot rate with fine lint in focus, said traders. Most of the leading buyers made deals for all grade of lint while production of lint in the ginneries of Sindh and Punjab remained slow due to wet conditions, floor brokers said.

 

Rain affected the physical trading activities in Punjab stations, while ginning activities to around 40 percent were affected due to rains condition and non- availability of transport. This put pressure on general prices which were slightly up as deals changed hands at around Rs 6,825 per maund to Rs 6,975 per maund with firm spot rate, which stood at Rs 6,550 per maund, traders at the Karachi Cotton Association (KCA) said. In Punjab and Sindh stations spinners purchased selective lots on back of slowing down of production activities on back of power load shedding besides spinners made deals on competitive prices at around Rs 6,525 per maund to Rs 6,675 per maund, they added.

 

The secondary buyers made deals for all grades including fine grades for blending purposes at around Rs 6,500 per maund to Rs 6,775 per maund while the second grade stuff was available at around Rs 6,225 per maund to Rs 6,300 per maund, floor brokers said Sellers and buyers were entangled in price war on raw grade lots as these changed hands at around Rs 5,825 per maund to Rs 5,975 per maund, they added.

 

More than 5,000 bales changed hands with more than 50 percent of Punjab’s share in trading. “The lint prices would go up on back of rains in Punjab, slow supply line and Chinese determination to pile up its stocks on back of poor weather conditions,” said a fibre analyst. “The ginning activities units in Sindh and Punjab stations would remain slow on back of wet conditions.” Some trading changed hands in old crop for blending purposes in Sindh stations where less rains were reported.

 

New York market October 2013 Futures remained strong and stood at around 89 cents per pound and December 2013 Futures around 90 cents per pound. Cotlook A index was hovering around 94 cents per pound.




Courtesy:   The News


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