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Cotton market’s lull ends
KARACHI, April 7: After a prolonged dull session,
the domestic cotton market finally broke the lull
with a reported sale of 1,400 bales on Tuesday,
but the prices remained thin as the spinners were
still reluctant to grab the offered stocks.
The cotton business managed to drag itself out of
the dullness to normal trading, as the brokerage
houses reported the transaction of 1000 bales from
Alipur and 400 from Shudadkot.
The Karachi Cotton Exchange let the spot rates
unchanged at Rs3624.50 per 40-Kg bale including 15
per cent of Sales Tax.
The spinners move towards the market amid the news
of unsold stock of around 1.25 million bales with
ginners across the country.
However, the majority of the textile mills
remained reluctant to involve themselves in the
buying spree in a dicy situation which compelled
the market to remain slow. Market players say that
it would take some time to get back on a normal
course, as the spinners have enough stock to meet
their daily mill consumption in the wake of
foreign produced bales imported during the season.
A total of 9,750,007 bales arrived in the
ginneries till the April 1,2003 of which 7,62,564
bales were of Punjab, whereas 21,23443 bales were
from Sindh.
The Export Promotion Bureau has registered 12112
bales of crop 2002-03 during the marketing year of
2003-04 and 133864 bales of crop 2003-2004 till
the same period.
In the aforesaid period commercial exporters have
shipped around 140,535 bales, while in the same
period they imported 693,619 bales.
The New York cotton market closing delivery
contracts decreased by -44points for the month of
May 04 and -52 for July, 4 and 89-points for Oct,
04and -50 points for March, 05 respectively.
The News International, Pakistan |
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Pakissan.com; Advisory Point
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