Cotton prices fall Rs 25/m
KARACHI: Trading activity at Karachi cotton market remained thin on Monday. Around 1,100 bales of different stations were traded during the session. Quality lint remained in demand by the mills. The Karachi Cotton Association spot rate declined Rs 25 per maund to Rs 2,225 per maund.
Cotton of Sindh’s stations dominated the trading. The leading textile mills were the main buyers, purchasing cotton of various grades. They offered slightly higher rates for quality lint. The spinners also made few deals for new crop cotton at around Rs 2,235 per maund to Rs 2,250 per maund, they said.
The private sector exporters remained on the sidelines. The ginners of Punjab also remained on the sidelines, watching the market movements keenly. They have a sizeable quantity of cotton of new crop and are interested in making deals for fine lots on high prices, a senior trader said. They know that the demand is going to stay higher in the coming season, he added.
A trader said physical market prices stood at Rs 2,250 per maund. Some deals also took place on Rs 2,300 per maund. Few deals were made at Rs 2,275 per maund for September delivery between mills and ginners.
A senior broker said local mills and spinners also made deals at prices between Rs 2,250 per maund and Rs 2,270 per maund.
According to KCA, 500 bales of Mirpurkhas changed hands at Rs 2,250 per amund, 200 bales Shadadpur at Rs 2,275 per maund, 100 bales of Tando Adam at Rs 2,250 per maund, 200 bales of Sanghar at Rs 2,260 per maund and 200 bales of upper Sindh at Rs 2,265 per maund and 200 bales of Sadiqabad at Rs 2,270 per maund. staff report