|
|
|
| March, 22 2005 | Tuesday | 11 Safar 1426 |
Active buying on cotton market
KARACHI, March 21: Cotton prices on Monday eased modestly from the weekend levels as some of the ginners offered to sell odd lots held by them at much cheaper rates. Fine varieties from the upper Sindh and southern Punjab were sold around Rs2,350, lower Rs50 from the weekend rates, while average lint was marked down by Rs75-Rs100 per maund in physical trading. Spinners and mills were active buyers at the falling prices and lifted about 20,000 bales, being a judicious blend of both superior and average stuff, brokers said.
They said some of the ginners may still prefer to hold on to their stray stocks of fine lots but the possibility of any fresh price flare-up appears a remote possibility in the backdrop of changing world cotton scene on the supply and demand side.
“Ginner perceptions that lower unsold stock of lint may trigger mill buying at the fag-end of the season, which could cause a price flare-up”, some brokers said adding “much would depend on their holding capacity and quality of lint they held in stocks”.
Some others said imported stuff for April delivery is expected to start arriving at Karachi Port and Port Qasim meant for the upcountry mills by the middle of the next month onward and that would possibly set the future market trend.
However, by that time local stocks being held by some of the leading ginners may not have their relevance as a bullish market factor as the imported stuff would flood the local market, they said.
Some of the spinners who did not opt for imports are expected to buying it from those groups who have booked more lint than they actually need on credit basis at the higher rates, they added.
Official spot rates remained basically unchanged from the weekend levels but most of the deals were done above them.
The following are details of some of the notable deals, which went through on late Monday evening: 2,000 bales, Gothki, Dhariki, Mirpur Mathelo, Pano Aqil at Rs2,325 to Rs2,350, 1,000 bales, Rohri at Rs2,325, 500 bales, Tando Adam at Rs2,200, 400 bales, Shahdadpur at Rs2,225 and 3,000 bales, Bahawalpur at Rs2,350.
|
The following are Monday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/32” micronair value between 3.8 to 4.9 NCL. |
|||
| Rate for | Ex-Gin Price | Up-country | Spot rate |
| Expenses | Ex-Karachi | ||
|
37.324 kgs Equivalent 40 kgs |
2,275 | 50 | 2,325.00 |
| 2,438 | 50 | 2,488.00 | |
|
|
|
|