Cotton trading in Pakistan remained slow as textile mill owners made select buying in quality cotton. However, the Karachi Cotton Associationâ€™s (KCA) spot rates remained unchanged.
Floor brokers said that the textile industry, already facing power and gas shortage, was perplexed by Indian yarn and raw cotton finding their way into the domestic market. Local traders are likely to buy the cheaper Indian cotton. The situation kept trade activities slow at local markets.
The following were Fridayâ€™s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16â€ micronair value between 3.8 to 4.9 NCL.
The Karachi Cotton Association (KCA) reported traders bought a total of 9,700 bales (of 155 kilogram each) at Rs4,800 to Rs5,200/maund (37.324 kilogram) at local markets as compared to 11,400 bales bought at Rs4,700 to Rs5,200/maund a day ago.
Major deals finalized on ready counter included: 200 bales Dharki at Rs5,000, 400 bales Vehari at Rs4,800, 1,200 bales Haroonabad at Rs4,850-4,950,600 bales Fort Abbas at Rs4,950, 400 bales Faqirwali at Rs4,950, 400 bales Yazman Mandi at Rs5,150, 400 bales Dera Ghazi Khan at Rs5,150, 800 bales Lodhran at Rs5,150, 800 bales Jahanian at Rs5,150, 400 bales Sadiqabad at Rs5,150-Rs5,200, 1,200 bales Rahimyar Khan at Rs5,150-5,200, 2,400 bales Karoor Pakka at Rs5,200.
On global front, the New York cotton market recovered its overnight losses where all future contracts ended with modest gains.
While, India is expected to sell its surplus crop at cheaper rates at world markets. According to reports, Indian cotton came under pressure where prices crashed down by up to Rs700, to Rs31,700 per bale (356kg) during last two days as the Indian Cotton Corporation (ICC) has entered the market to dispose of some of its stocks.
With expected crop of around 40 million bales this season, the Indian government is nervous about huge stocks held by the ICC as it would create lot of problems if held back for longer, as is being witnessed in China.
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