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Pakistan:Demand pushes up cotton prices |
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2005-3-4
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Over 12,000 bales of cotton changed hands at the Karachi cotton market on Wednesday with trades in the finer variety at Rs 2,425 per maund compared to Rs 2,400 per maund a day earlier. The KCA spot rate also increased Rs 25 per maund to Rs 2,325 per maund.
Leading mills and spinners were found to be active on the floor clearly indicating of the times to come in the field.
Traders said the ginners of upper Sindh and southern Punjab made the most of this situation and managed to get higher prices for their stocks.
Increasing demand had pushed the prices and the mills and spinners went for making future contracts now, fearing pressure on ready supplies in the coming days. Also the international cotton prices were not exporters, he added.
Market is anxiously waiting for the release of fortnightly figures of lint by Pakistan Cotton Ginners Association, due within two days.
KCA informed that 1000 bales of upper Sindh were booked at Rs 2,400 per maund, 1,000 bales of Rahimyar Khan at Rs 2,400 per maund, 1000 bales of Alipur at Rs 2,375 per maund, 500 bales of Khanpur at Rs 2,400 per maund and 1,000 bales of Sadiqabad at Rs 2,375 per maund. |
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