Prices remained firm over continued buying from indigent spinners and a stable conditions prevailed on the cotton market on Wednesday. But around quality lint, much of activity was witnessed as millers were keen to reload their stock at current prices.
Thinning arrivals of phutti (seed cotton) is a major cause of concern for stakeholders who feel that larger quantity of cotton would have to be imported to meet the domestic demand, as there is already acute shortage of quality lint in the market.
Floor brokers said that market players are presently assessing future demand for textile after the European Union granted GSP-Plus status to Pakistan. However, there are trepidations that they would have limited benefit under the duty-free access which is capped in term of quantity.
The Karachi Cotton Association (KCA) spot rates remained firm at overnight level and trading on ready counter was fairly moderate.
The following major deals were reported to have changed hands on ready counter: 3,000 bales, Rahimyar Khan, at Rs7,200; 1,000 bales, Ahmedpur, at Rs7,150; 1,000 bales, Noorpur, at Rs7,075; 800 bales, Fort Abbas, at Rs6,950; 1,600 bales, Faqirwali, at Rs6,950; 3,000 bales, Haroonabad, at Rs6,950; and 400 bales, Shahpur Chakkar, at Rs6,650.
On global front, world markets remained firm where New York cotton ended with fresh gains for all future contracts. According to reports, Chinese markets also recovered and closed with fresh gains, except Indian cotton with Indian rupee becoming stronger against the dollar, cotton prices came under pressure so that export par could be maintained.
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