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Cotton price raised by another Rs25
KARACHI, April 24: The
Cotton market witnessed modest trading on Friday,
when the Karachi Cotton Association (KCA)
increased the official spot rate from Rs2, 850 to
Rs2, 875 - a rise of Rs25. This being the third
consecutive rise in the current week.
The demand for prime quality lots remained
paramount with the presence of some leading
spinners in the market as active buyers, a broker
said.
However, some spinners and mills lifted lots of
grade 4 and plus price ranging between Rs2, 275 to
Rs2, 500 per maund, he added.
Whereas, 1000 bales of comb cotton were transacted
slightly below the spot rate fixed by the KCA.
This reflected that the spinners were actively
back in the market instead of staying on the
sidelines - hoping for further decline in the
prices.
As the textile mills still have a need of around
1.5 million bales to meet the current season
demand, coupled with shortening of unsold stock
and lowering of crop below 10 million bales
compelled the spinners and the mills to secure
their future position, market players said.
The New York cotton futures on Friday rose sharply
by 1.03 cents per lb at 64.48 cents per pound for
the ruling May delivery, while the forward July
was quoted higher by 0.65 cents at 63.26 cents per
pound.
Ready off take was light as till late in the
evening, about 1,800 bales changed hands,
including 1,000 comb at Rs2850 and some 600 bales
middle grade bales of Sanghar were reported at
Rs2, 500 besides two low grade lots of Muridwala
at Rs2, 275.
On the international front, China imported some
0.770 million tons of cotton during the first
seven month of the season which is 0.088 million
tons more compared with same period in the last
season.
According to the PCGA source till April 15,2004, a
total of 9,770,827 phutti arrived at the ginning
factories and the textile mills purchased some
8,512,628 bales. Of these 81,000 were of Punjab
and 98,037 bales from Sindh.
The News International, Pakistan |
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Pakissan.com; Advisory Point
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