Pakistan:Low stocks ensure cotton prices remains stable

With little to offer, ginners and millers both remained in the sidelines putting up a dull show at Karachi cotton market, Monday.

Spinners and mills indulged in few deals whereby the Karachi Cotton Association spot rate remained at Rs 2,325 per maund.

Meanwhile, Trading Corporation of Pakistan (TCP) received 46 bids for 79,600 bales for its weekly sale of cotton, mostly from local mills and exporters.

The highest bid for 9,400 bales of grade III 1.1.32 stood at Rs 2,276 per maund. For 17,000 bales of grade III 1.1.16 the offer was Rs 2,375 per maund.

For grade II 1.1.16 17,200 bales the bidders offered Rs 2,400 per maund. For 5,00 bales for grade VI, highest bid was Rs 2,051 per maund. About 4,000 bales of Dera Ghazi Khan stocks of grade III.1.1.16 fetched a bid of Rs 2,051 per maund, a senior trader said.

About five foreign parties offered bids for 5,000 bales each at 45.27 USC/lb, 45.11 USC/lb, 44.36 USC/lb, 42.10 USC/lb and 41.59 USC/lb, respectively.

Few mills made deals of about 200 bales at prices from Rs 2,330 per maund to Rs 2,350 per maund. Spot market prices stood between Rs 2,325 per maund and Rs 2,400 per maund, a broker said.

New crop from Sanghar (400 bales) was traded at Rs 2,350 per mund and 200 bales of Mirpurkhas crossed hands at Rs 2,325 per maund, KCA sources said.