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Pakistan:Cotton trading in the upswing |
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2005-8-26
Wednesday saw brisk trading activity at the Karachi cotton market and the Karachi Cotton Association spot rate further increased by Rs 25 per maund to Rs 2,275 per maund. The increase in price was attributed to higher demand in high quality lint in the domestic market. The leading mills and spinners purchased cotton of different grades while some spinners bought quality lint to strengthen their future positions.
A senior trader said the mills offered slightly higher rate of around Rs 2,400 per maund for quality lint. The spinners offered Rs 2,375 per maund for Punjab lint.
According to KCA, 300 bales each of Tando Adam and Shahdadpur changed hands at Rs 2,300 per maund, 800 bales of Tando Adam at Rs 2,275 per maund, 600 bales of Sanghar at Rs 2,275 per maund, 600 bales of Sadiqabad at Rs 2,290, 200 bales of Ghaziabad at Rs 2,400 per maund, 200 bales of Burewal at Rs 2,365 per maund and 200 bales of Dera Ghazi Khan at Rs 2,375 per maund.
New York Cotton Market closed at 47.67 USC/lb for October contract and 49.25 USC/lb for December contract. A Index closed at 52.90 USC/lb and B Index closed at 51.00 USC/lb.
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