KARACHI: Falling trend on world’s leading cotton markets forced ginners on Wednesday to rush and unload their stocks at current high prices. The undertone was firm and outlook optimistic.
However, market sources reckoned that with the advent of hot and dry weather, the cotton stocks would lose their moisture and reduce the weight of bales which would go against the interest of ginners.
Consequently, ginners rushed to unload their stocks which now stand at less than 400,000 bales. On the other hand, many spinners who were running short of stocks eagerly replenished their stocks.
The New York cotton market witnessed some profit-selling which also influenced other markets, including Indian and Chinese markets, brokers said. It was encouraging to note that most deals offered for sale by ginners were readily picked up by spinners and most of the deals were of larger size and volume.
The Karachi Cotton Association’s spot rates were firm at overnight level. Major deals on the ready counter were: 1,600 bales from Liaquatpur at Rs6,800 to Rs6,925 per maund (around 37 kilograms), 1,000 bales from Sadiqabad at Rs6,800, 1,032 bales from Punj Moro at Rs5,900, 208 bales from Mirpur Bathero at Rs6,500, 643 bales from Bandhi at Rs6,700, 800 bales from Haroonabad at Rs6,800 to Rs6,975, 750 bales from Faqirwali at Rs6,900 to Rs6,975, 600 bales from Rahimyar Khan at Rs7,000 and 400 bales from Bahawalpur at Rs7,000.
Published in Dawn, March 23rd, 2017
Dear visitor, the comments section is undergoing an overhaul and will return soon.