|
Pakistan - Spot rate remains firm at cotton market [ 03 Jul, 2008]
The Karachi cotton market witnessed a moderate trading session on Wednesday as most of the deals were made of the new crop 2008-09 amid strong spot rate, traders said.
They said the spinners bought fine lint on slightly higher prices while mills remained busy in selective buying, which was offered by Sindh ginners on slightly above the spot rate. A senior trader, Ghulam Rabbani said spot rate at the Karachi Cotton Association (KCA) stayed strong and settled at Rs 3,700 per maund with firm price outlook in future trade.
The weaker dollar coupled with higher energy prices may rebound cotton prices, however, lack of any significant pick up in overnight US export activity and the forecast for more rains later this week in west Texas should keep New York futures in the defensive.
He said in the domestic market around 1,872 bales of the old crop changed hands in Khanpur at Rs 3,700 per maund and 200 bales in Chichawatni of new crop on ready delivery changed hands at Rs 3,700 per maund. He said about 100 bales of Pak Pattan in new crop were sold at Rs 3,700 per maund, 100 bales of Hyderabad at Rs 3,700 per maund and 100 bales of Arifwala at Rs 3,800 per maund.
A senior broker said physical market prices remained stable and ranged between Rs 3,700 per maund and Rs 3,750 per maund. Fine lint fetched higher rate around Rs 4,060 per maund. New York futures market October 2008 closed at 73.21 cents per pound with a loss of 227 points while December 2008 settled at 76.33 cents per pound with a loss of 229 points. A total of 150 contracts were traded in October 2008 cover, while 14,106 contracts were traded under December 2008 cover.
The Cotlook A index settled at 78.50 cents per pound with a decrease of 185 points, while the A index (fwd) settled at 82.85 cents per pound with a decrease of 180 points. The ICE cotton market will be closed on Friday, July 4 in observance of Independence Day.
Source: Daily Times
Pakistan - Karachi cotton market witnesses brisk trading activity [ 30 Jun, 2008]
Trading at the Karachi cotton market remained brisk during the week as the spot rate witnessed a correction, traders said on Saturday.
The Karachi Cotton Association (KCA) spot rate declined by Rs 50 per maund to stay stable at Rs 3,750 per maund, while millers made some deals for new crop above Rs 3,890 per maund, a senior trader Ghulam Rabbani said.
During the past week, ginners in Punjab made deals for lint of all qualities above the KCA’s spot rate while Sindh ginners withholding fine lint asked higher rates on sensing higher demand of quality produce, he added.
Leading buyers and ginners in Sindh were entangled in price war on reports of arrival of phutti on higher rates besides, ginners in Punjab were asking higher prices for the produce due to weather conditions. He said some deals were made on competitive prices around Rs 3,800 per maund and Rs 3,990 per maund, depending on quality of the stuff during the past week. Private sector commercial exporters also sold some of their stocks on competitive rates besides consolidated their long position during past week. The cotton of Punjab fetched record level high around Rs 4,210 per maund and Rs 4,220 per maund while the poor lint changed hands around Rs 3,730 per maund during the trading sessions.
He said during past week, around 312,630 bales changed hands. On Saturday, the spot rate at KCA stayed strong and the settlement was declared at Rs 3,750 per maund with no change. Mr Rabbani said the market sentiments would remain strong and physical price of all type of cotton would go further up in the next coming sessions on the back of higher demand by textile sector and slow pace arrival of produce in the market due to expected weather conditions in Punjab.
In the domestic market Saturday, around 400 bales were traded in Gelaywal in Punjab at Rs 4,000 per maund, while majority of the deals in Sindh and Punjab were traded around Rs 3,800 per maund and Rs 3,990 per maund. He said during the past week, leading buyers bought fine lint on slightly higher price around Rs 4,200 per maund while spinners consolidated their long positions by making deals for all grades of cotton around Rs 3,875 per maund and Rs 3,990 per maund during six trading sessions.
International market: Traders say that the market is already looking forward to the June 30 USDA acreage report. The USDA pegged planted area for cotton at 9.39 million acres in its March forecast, and traders are looking for a decline of 100,000 to 700,000 acres from that level. staff report
Source: Daily Times
|
