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Cotton market witnesses brisk trading
KARACHI, April 14: Without any major fundamental
change, the cotton market witnessed another
successive active trading session of this week on
Tuesday, as both the spinners and the exporters
covered their forward positions.
"If a sufficient quantity of imported cotton does
not take its way into the local market till next
week and uncertain situation is cleared than a
stability might be witnessed in the domestic
market", a leading cotton broker said.
As unspecific quantum of imported cotton
restrained the spinners and the textile mills to
take any audacious step they are much cautious to
move into the market fearlessly, he added.
In the last two months the price of superior
quality cotton declined to Rs29, 00 from Rs33, 00
per maund, which is a phenomenal reduction.
Besides, the price of inferior quality cotton was
reduced to Rs22, 00 per maund during the same
period, which caused a great loss to the ginners
who purchased their stocks at high rates ",
another cotton broker said.
Some of the leading spinners indulged in big-lot
business, fearing a price flare-up after the
resumption of buying by the exporters and tried to
grab the floating stock at the prevailing rates,
they said.
Cotton players anticipate that the exporters might
remain in the market during the next couple of
weeks in order to meet their physical shipment
deadlines that could well mean heating up of the
market.
Moreover, the recent decline in world prices’
encouraged the private sector exporters to exploit
the situation and the leading among them managed
to net some export orders.
But others said; that it might not be that easy to
make bigger commitments in view of the highly
erratic world cotton markets, and indications were
that the exporters might go beyond their confirm
orders.
Ready business was active as till late in the
evening about 7,000 bales changed hands as under:
Textiles, spinners and exporters purchased some
1,400 bales from Rasoolpur and 600 bales of
Hingorja, at rate of Rs2450 besides that, 200
bales from Shahdadpur at Rs2, 250, whereas 400
bales were purchased by the exporters from Bucheri
at Rs2, 800 and 600 bales of Salehpat at Rs2, 800
was bought by the mills and the spinners.
Furthermore, 200 bales Rahimyar Khan was bought at
Rs3, 000; 800 bales from Fazilpur at Rs2, 825; and
400 Shudadkot at Rs2400 per maund. Whereas, the
price of 49 kg sack of oil cake rose to Rs465 from
the previous Rs435.
The News International, Pakistan
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Pakissan.com; Advisory Point
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