Commodities: Cotton trading fails to pick up
KARACHI: Trading failed to pick up on the cotton market on Tuesday amid selective buying for quality lint.
Floor brokers said that provisional phutti (seed cotton) arrival figures indicated that around 13 million bales have reached ginneries up to Dec 15, lending credence to estimates that crop size would be nearly 15m bales.
However, ginners were reluctant to shed their quality lint stocks which restricted trading.
The spinners, however, looked for quality cotton which was in short supply.
Prices also generally remained steady due to slow trading.
On the world cotton markets, the US and China remained easy while India was steady as the state-owned corporation of India has been given the task to purchase around 8m bales.
The Karachi Cotton Association (KCA) spot rates were unchanged at previous level.
The following major deals were finalised on ready counter: 600 bales Khairpur at Rs4,600, 400 bales Vindar at Rs4,350, 400 bales Pak Pattan at Rs4,500, 400 bales Vehari at Rs4,500, 400 bales Burewala at Rs4,575, 400 bales Fort Abbas at Rs4,625, 600 bales Ahmedpur at Rs4,800, 600 bales Bahawalpur at Rs4,800, 1,200 bales Layyah at Rs4,850, 400 bales Faqirwali at Rs4,850, 400 bales Tonsa Sharif at Rs4,850 and 400 bales Uch Sharif at Rs4,850.
The following are Tuesday’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.
Published in Dawn, December 17th, 2014