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Spot rate declines Rs 25/m
KARACHI (March 30 2005): Trading activity remained moderate at Karachi cotton market on Tuesday when more than 6,000 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, the dealers said
Traders said the quality lots dominated the trading session and mills remained on front foot confirming deals for fine lots even on slightly high prices against the prevailing rates. They said mills, for making future contracts during trading session, would remain offer better rate in coming trading sessions. They further said the leading mills, still short of their annual consumption, were making deals in fine lots of southern Punjab.
A leading trader attributed the decline spot rate to the little eagerness by the mills and strong holding positions of leading ginners on the back of export orders of textile made ups, fabrics and towels of competitive standard by the mills. He said ginners are waiting for further increase in prices of produce in coming sessions.
A trader said quality import of cotton around 5,000 bales is due in third week of April and the mills and spinners are piling up as much as the quality domestic produce before the arrival of imported cotton. He said the mills are ready to pay around Rs 2,450 per maund for quality lots of southern Punjab and upper Sindh. A broker said the private sector exporters have also supplied blended produce to the buyers during the session and also registered export deals with foreign buyers around 50,000 bales. staff report
Courtesy Daily Times |
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