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Pakistan:Cotton stable as quality in demand grows |
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2005-3-2
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While the spot rates remained fixed at Rs 2,275 per maund, the Karachi cotton market witnessed brisk trade on Monday when more than 13,000 bales were traded during the session. Punjab variety was in spotlight, the dealers informed.
Upper Sindh and southern Punjab millers continued offering quality produce on sustained demand by mills. Quality lots of ginners attracted spinners attracted offering high price of Rs 2,400 per maund, for their exports of quality yarn and fabric.
Traders say produce prices would move north as buying activity by mills intensifies.
According to senior trader Ghulam Rabbani, the spinners have already placed import orders for around 900,000 bales, major part imported from the United States in order to meet the local demand for cotton. He said mills and exporters also lifted other than fine lots for domestic use. He said majority of the deals for fine lots were made between Rs 2,400 per maund to Rs 2,450 per maund during the trade.
The ginners of Sindh and Punjab disposed their low-grade stocks for Rs 2,250 per maund to Rs 2,275 per maund. According to Karachi Cotton Association 3,140 bales of Bahawalpur were traded at Rs 2,350 per maund, 2,000 bales of upper Sindh at Rs 2,390 per maund, 1,000 bales of unreported place of Punjab at Rs 2,325 per maund, 1,000 bales of Shahdadpur at Rs 2,200 per maund and 500 bales of Bahawalpur changed hands at Rs 2,325 per maund. |
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