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Dull trading activity was seen at cotton market due to limited stock

YarnsandFibers News Bureau 2015-05-03 10:00:00 – Karachi

Pakistan cotton market witnessed slow down in its trading activity on Saturday after staying active for entire week. According to floor brokers, they expected hiatus in activity due to limited stocks held by ginners. The Karachi Cotton Association (KCA) spot rates were steady at previous level.

However, there was demand from some needy mills, but ginners demanded higher rates for their limited cotton stocks. Barring a few deals, which were mostly finalized on high rates, activity on the market remained devoid of enthusiasm.

The textile industry are worried over the delay in new crop arrival as they feel that next three months would be difficult period as far as raw material is concerned.

The following deals were reported to have changed hands on ready counter: 600 bales from Vehari done at Rs4700 to Rs5275, 1266 bales Sadiqabad at Rs5500, 400 bales Chichawatni at Rs5500 and 2200 bales Khanpur at Rs5500.

The following were Saturday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16” micronair value between 3.8 to 4.9 NCL.

On the global front, world cotton markets also turned easy where New York cotton market finished lower for all the future contracts.

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