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Pakistan:Trade remains brisk on cotton front |
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2004-8-30
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Pakistan : 28th August 2004 |
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Friday saw active trading at the Karachi Cotton Exchange as more than 6,000 bales got booked while prices also recovered slightly to gain Rs 50 per maund to close at Rs 2,275 per maund.
Buying activity would continue according to trader as the textile industry began buying which was expected to continue till year-end.
“Slightly recovery in prices is not a major thing,” said a trader. “It can go down on the back of heavy supply but start of bulk buying by textile industry is a good omen.”
On Friday a total of 6,800 bales were booked, according to a daily market report of the Karachi Cotton Association. Of that 200 bales of Khapro were booked at Rs 2,300 per maund; 200 bales of unreported place of Sindh at Rs 2,300; 1,200 bales if Tando Muhammad Khan at Rs 2,325; 200 bales of unreported place of Punjab at Rs 2,325; 600 bales of one Sindh’s ginning factory at Rs 2,300; 600 bales of Sanghar at Rs 2,325; 200 bales of Petoro at Rs 2,350; 400 of Mirpursakro at Rs 2,300; 200 bales of Mirpursakro at Rs 2,340; 200 bales of a Punjab’s ginning factory at Rs 2,325; 200 bales of Khapro at Rs 2,350; 600 bales of Sahiwal at Rs 2,225; 200 bales of Gaggo at Rs 2,300, 200 bales of Jhang at Rs 2,225; 200 bales of Jhang at Rs 2,250; 600 bales of Burewala Rs 2,275; 400 bales Arifwala at Rs 2,275; 200 bales of Mian Chunnoo at Rs 2,250 and 200 bales of Punjab’s ginning factory changed hands at Rs 2,225 per maund.
Traders are hopeful about the future trade outlook but said stability in prices cannot be guaranteed as new season’s crop was almost ready to enter into the market, which would further increase supply.
They said the new crop would enter into the market before the due date as Punjab’s ginning factory have started operations before the schedule. |
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