Pakistan:Cotton lies low at Karachi market

Cotton trading activity at the Karachi Cotton Association market was noted to be listless, even though some millers were reportedly active seeking quality lint.

Spot rate remained static at Rs 2,300 per maund.

Meanwhile, Trading Corporation of Pakistan (TCP) floated its last tender for sale of local and foreign quality cotton bales numbering 81,693.

TCP would sell lint to foreign buyers only from August 15, 2005. So far, TCP has sold 110, 9071 bales through sixteen auctions including 10,09,071 bales in the local market and 100,000 bales to foreign buyers.

Sindh crop was traded at prices ranging Rs 2,375 to Rs 2,350 per maund on quality basis. A few spinners sought Sindh crop at Rs 2,365 per maund.

Mills lying low on Wednesday dealt in about 200 bales at prices between Rs 2,340 per maund to Rs 2,360 per maund at spot market. However, physical cotton market prices stood between Rs 2,325 per maund and Rs 2,400 per maund.

About 200 bales of Mirpurkhas at Rs 2,365 per maund and 200 bales of Sanghar at Rs 2,350 per maund were traded, according to KCA.