Prices slightly down on cotton market

KARACHI  (December 14, 2010) : Prices fell modestly on the cotton market on Monday amid cautious buying by the mills, dealers said. The Karachi Cotton Association (KCA) spot rate was unchanged at Rs 9,100. Seed cotton prices in Sindh and Punjab were at Rs 3900-4,200, they said. In ready business, trading activity was moderate as nearly 18,000 bales of cotton changed hands between Rs 8,700-9,200, they added.

According to the market sources the mills did buying to meet the urgent needs as they and other cotton traders were waiting for the outcome of expected meeting of Indian cotton circle to decide about extension of cotton export time, but discussion could not be held due to unknown reason.

The mills, who indulged in cotton buying amid rising perceptions that the imported cotton may be more expensive so they preferred to local stuff, they said. If the NY cotton market move upward, the local market to follow the same pattern, otherwise, the rates are likely to move both ways in days to come, they said.

The following deals were reported: 1000 bales of cotton from Shahdad Pur sold at Rs 8800, 1000 bales of cotton from Nawabshah at Rs 8800-9000, 600 bales of cotton from Khair Pur at Rs 9000, 1000 bales of cotton from Upper Sindh at Rs 9200, 800 bales of cotton from Hasil Pur at Rs 8700-9000, 1400 bales of cotton from Haroonabad at Rs 8900-9000, 2000 bales of cotton from Kabir Wala at Rs 9000-9200, 1200 bales of cotton from Khanewal at Rs 9000-9050, 200 bales of cotton from Jahanian at Rs 9000, 400 bales of cotton from Layyah at Rs 9000, 1600 bales of cotton from Fort Abbas at Rs 9000, 800 bales of cotton from Liaquat Pur at Rs 9000, 400 bales of cotton from Liaquat Pur at Rs 9000, 600 bales of cotton from Rajan Pur at Rs 9000, 200 bales of cotton from Multan at Rs 9000, 200 bales of cotton from Pir Mahal at Rs 9000, 1000 bales of cotton from Bahawal Pur at Rs 9000, 200 bales of cotton from Mianwali at Rs 9000, 200 bales of cotton from Mian Channu at Rs 9000, 200 bales of cotton from Bakkhar at Rs 9200, 400 bales of cotton from Dera Ghazi Khan at Rs 9200, 200 bales of cotton from Jhang at Rs 9200, 1200 bales of cotton from Rahimyar Khan at Rs 9200, 400 bales of cotton from Shah Jamal at Rs 9200 and 1200 bales of cotton from Ali Pur at Rs 9200.