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KARACHI (May 28 2010): Prices went up on the cotton market on Thursday amid expectation that normal business may resume in the near future, dealers said. The Karachi Cotton Association (KCA) official spot rate was raised by Rs 100 to Rs 6,400, they said. In the ready business some 1000 bales were traded between Rs 6350-6500, they added.
According to the market sources some needy buyers were in the market but the ginners were reluctant in finalising the deal at the prevailing rates in expectations of further rise in the prices. The ginners have nearly 40,000 bales of unsold cotton with them and they wanted to make better profit, they said. Several meetings failed to produce any positive result over the issue of Regulatory Duty (RD), they said.
On Wednesday the US cotton futures settled mixed after investors sold the front-month contract and bought longer-dated positions to speculate on the further end of the fibre market. The key July cotton contract on ICE Futures fell 0.23 cent, or 0.3 percent, to close at 81.84 cents per lb, trading between 81.76 and 82.90 cents. The following deals were finalised : 600 bales of cotton from Rahim Yar Khan done at Rs 6,350 and 400 bales from same station at Rs 6500, dealers said.
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