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Pakistan:Karachi cotton market witnesses hectic trading activities |
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2004-12-29
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On a hectic Monday, 22,000 cotton bales were traded at the Karachi cotton market Monday while the spot rate remained static during the first session to close at Rs 1,840 per maund.
Contending most of the deals were made for second grade produce, the growers and farmers of upper Sindh and Punjab made a killing at the market on the basis of their quality stocks. Marginal growers of Punjab and Sindh with low volumes participated vigorously in trading and capitalized on maximum spot rates for all cotton grades. Spot rate was feared to tumble in anticipation of as heavy cotton crop arrival in the coming two weeks.
The private sector exporters and mills procured available grades of produce from both Punjab and Sindh against their forward deals, a dealer said. A broker said the major growers of Punjab and Sindh with quality produce are bidding for better sport rates as they understand TCP and the private sector exporters are eyeing the futures stocks.
TCP sources on Monday said it has contracted for 2.2 million bales from the growers so far and 1.08 million bales have reached its warehouses. As per the KCA 6,000 bales of upper Sindh were sold at Rs 1,950 per maund, 3,200 bales of Rahimyar Khan at Rs 1,925 per maund, 2,000 bales of Hasilpur at Rs 1,890 per maund, 2,000 bales of Uch Sharif at Rs 1,900 per maund and 1,000 bales each of Nawabshah and upper Sindh were traded at Rs 1,900 per maund. |
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