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Pakissan.com;
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TCP gets low rates for cotton
KARACHI (April 25 2005): The Trading Corporation of Pakistan (TCP) has received bids for 104,500 bales from six international and local buyers against the offer of 60,000 bales.
The tenders were opened on Saturday, in which 6 international bidders and 32 local bidders put their offers. The highest international bid was 46.07 cents per pound quite lower against 56.15 cents for May futures in New York future market.
International and local tenders were opened separately in the presence of their representatives. Four highest bids were recorded for 12,500 bales only, that were; 5,000 bales from international bidder, 1,500 bales from Karachi, 1,000 bales from DG Khan and 5,000 bales from Chichawatni warehouse.
All six international bidders filled the tender for 5,000 bales each, while 32 local bidders put offers for the purchase of 74,500 bales from three warehouses.
Karachi warehouse of the TCP received bids for the purchase of 68,500 bales against offered quantity of 25,000 bales only. The offers included 30,000 bales from the international bidders and 38,500 from the local bidders.
The highest international bid was placed by Plexus Cotton with 46.07 US cents per pound, followed by Paul Reinhart 45.76 cents and LDCI with 45.27 cents per pound. Other three international bidders included East and West Trading, Indotech and the lowest international bidder Reston with 42.29 cents per pound.
However, in local bids Karachi warehouse had offered 25,000 bales for export as well as local consumption, but received bids for 38,500 bales from the local buyers. The highest bidder was Star Textile, which offered Rs2,310 per maund for 1500 bales, while lowest bidder was Al-Karam Textile with Rs2,026 for 1,000 bales.
DG Khan warehouse of the TCP received bids for 23,000 bales against offers of 20,000, where highest as well as lowest bidder was Lahore Spinning with Rs2,250 for 5,000 bales and Rs2,100 for 1,000 bales respectively.
However, Chichawatni received bids for 13,000 bales only against offer of 15,000 bales, where JK Fiber of Faisalabad was the highest bidder with Rs2,250 for 5,000 bales while Khuwaja Textile was recorded the lowest bidder with Rs2,100 per maund for 1,000 bales.
It is pertinent to mention that all international offers were below international prices at New York futures. May futures were recorded at 56.15 cents per pound on 22nd April, 54.12 cents per pound for July futures, 55.30 cents per pound for October futures and 56.22 cents for December futures. Whereas, KCA has recorded spot rate of Rs2,225 per maund ex-gin price.
Courtesy The News International, Pakistan |
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