Cotton prices decrease
KARACHI: Prices remained on the higher side at Karachi cotton market on Thursday when more than 9,000 bales changed hands during the session.
The spot rate slid Rs 25 per maund to Rs 2,250 per maund. The quality produce fetched Rs 2,350 per maund during the session. The mills remained busy in making bids for quality cotton of upper Sindh and southern Punjab, dealers said.
Traders said the quality lots dominated the trading, as mills were eager to confirm deals for fine lots even on slightly higher prices against the spot rate. They said mills would continue to offer better rates in coming trading sessions. They further said the leading mills, still short of their required stocks, were making deals in fine lots of southern Punjab.
He said shipment of around 6,000 imported bales is due next month, but still mills and spinners are piling up quality domestic produce. He said the mills are ready to pay around Rs 2,400 per maund for quality lots of southern Punjab and upper Sindh. A senior broker said the prices would hover between Rs 2,275 per maund to Rs 2,450 per maund.
A broker said the private sector exporters also supplied mixed quality lots to the buyers during the session and also registered deals with foreign buyers of around 100,000 bales. He further said the leading players are waiting for the meeting convened by the government at the end of this month with the stakeholders in order to decide TCP’s future action plan in the cotton market.
According to the KCA 2,000 bales of upper Sindh changed hands at Rs 2,275 per maund, 1,200 bales of Rahimyar Khan at Rs 2,300 per maund, 1,000 bales of Arifwala at Rs 2,350 per maund, 1,000 bales of Nawabshah at Rs 2,300 per, 400 bales of Sadiqabad at Rs 2,210 per maund and 500 bales of unreported place in Sindh at Rs 2,250 per maund. —Staff Report