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KARACHI (June 29 2010): Fears of surge in prices forced the mills to adopt cautious attitude toward the forward buying, dealers said on the cotton market on Monday. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 6,550, they said. In the ready business approximately 1200 bales of cotton from different stations changed hands within the range of Rs 6400-6650, they said.
Phutti prices were unchanged in the Punjab at Rs 2850-3000 and in Sindh it was trading at Rs 2800-2850, they added. According to the market sources, prevailing position of the demand and supply of cotton kept the mills more active towards the new purchasing. The mills are not taking a sigh of relief despite the starting of new arrival season as reports reaching the market about the short supply in the producing countries, they said.
This is the main factor which is causing continued rise in the rates, they said and added that the prices may maintain stable trend due to good prospects for the exports of textile goods. Rising demand in China is also a dominating factor behind the increase in the rates, they said.
The following deals were reported : 200 bales of cotton done between (mill to mill) at Rs 6650, 200 bales from Shahdadpur at Rs 6400, 200 bales from Pak Pattan Rs 6400, 100 bales from Pak Pattan at Rs 6550, 200 bales from Bahawalpur at Rs 6600, 100 bales from Hyderabad at Rs 6600 and 200 bales from Khanewal at Rs 6550, they said.
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