Slow off take of cotton yarn and grey fabric by buyer, once again pushed cotton prices under pressure when trading resumed on Monday at cotton market. The depressed yarn and grey fabric markets are taking a toll over the workings of the cotton market, with global trend continuing to influence domestic trading, brokers said.
Leading spinners continue to be absent while some small spinners indulge in buying on a day-to-day basis resulting in erratic market behavior.
Brokers said that leading spinners holding substantial cotton inventories have booked lint for import.
At the Karachi Cotton Association (KCA) spot rates were revised lower by Rs100 to Rs6,900 per maund. Trading on ready counter remained dismal. Only two small lot deals were finalised â€” one coming from station Rahimyar Khan of 700 bales done at Rs6,400 and the other of 200 bales from Fazilpur done at Rs6,200.
Dull trading was recorded at the Karachi Cotton Exchange on Monday, while spot rates decreased Rs100/maund. The spot rates decreased to Rs6,900/maund (37.324kg) and Rs7,395/40kg. Ex-Karachi rates also fell to Rs7,045/maund and Rs7,550/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
Pakistan Cotton Ginners Association (PCGA) has recorded cotton arrivals of 11.48 million bales in the factories till February 15, 2018 as compared to 10.68 million bales last year. Of these, 216,615 bales were sold to exporters and 10.43 million bales to spinners. Total unsold stocks stood at 829,485 bales this year as compared to 760,966 bales unsold by this date.
On global front, New York cotton that ended its last session on an easy tone, was closed due to a federal holiday (Presidentsâ€™ Day). The Chinese cotton market will be closed till Feb 21 on account of the new lunar year. The Indian market was also mix to easy.
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