|
Main Page
|
 |
|
News Channel |
|
Cotton market slightly stable
KARACHI, April 17: The
cotton market observed a short stability on
Friday, as the ginners gained a minute power in
the wake of fresh developments witnessed at New
York cotton future.
"Changing world cotton scenario may be affected to
some extent as both the ginners and the spinners
will try to hold on to the positions, as the
ginners expecting increase in prices, and the
spinners waiting for further decline", a leading
broker said.
Changing world prices’ have brought new turn in
the local market, and till late evening some
11,415 prime quality bales were reported to change
hands above the spot rates fixed for the day by
Karachi Cotton Association (KCA).
Price movements in the up world direction during
last the three days on the world markets has
forced the ginners to reconsider their prices who
were in a bid to get out from the market in early
days of this week and are still in dilemma, a
cotton market player said.
However, the rebound at the New York cotton
futures dragged out them from agony of falling
prices at least for short period with anticipation
that futures may pull the trade at pre-decline
levels in the coming sessions.
Both the ruling and forward May gained 1.03 cent
per pound and 0.22 cent for July settlements on
Friday, followed by strong speculative support at
the lower rates, brokers said.
On the other hand, the spinners expressed
concerned as the current rise at New York future
contract may make their exports of textile more
expensive.
"Both will watch the international price trend
during the next couple of sessions before taking
any decision how to operate in a highly volatile
market", a cotton sources said.
The ginners have yet to release the current
figures regarding fresh arrival of phutti, to
assess the factual position of the crop of this
year.
Some 14,00 bales was transacted at ready board
around 200 bales of prime quality from Kot Digi
and 400 from Haroonabad changed hands at Rs28, 00
per maund, whereas 400 bales of Liaquatpur and 400
of Haroonabad were reported at Rs2, 825 and Rs2,
900 per maund respectively. KCA - the regulatory
body of cotton trade has unchanged spot rates for
grade-3 on Friday.
The News International, Pakistan |
|
|
|
|
Pakissan.com; Advisory Point
|
|
