|
KARACHI (March 30 2010): Modest trading was seen on the cotton market on Monday as the prices maintained a firm posture due to falling unsold stock, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 5450, dealers said. In the ready business activity improved as nearly 4000 bales of cotton changed hands between Rs 5400-5650.
Phutti prices in both the Punjab and Sindh were at Rs 2100-2200, they added. According to the market sources, mills showed some interest in fresh buying due to financial problem, they said. In the meantime, a few mills were active in making new deals to meet the urgent requirement, they said.
Commenting on the present trend in the market some analysts said that the rates would stabilise as a result of exports of cotton yarn, and we don't have enough stock to meet the local requirement, the unsold stock is only 0.2 million bales, they added.
The following deals were reported: 1135 bales of cotton from Daherki sold at Rs 5650, 2000 bales from Haroonabad at Rs 5400, 590 bales from the same station sold at the same rate and 243 bales from Qabula at Rs 5400, dealers said.
|
