PAKISTAN: KCA witnesses dull cotton business

KARACHI: Cotton trade remained thin amid steady spot rates as only 2000 bales changed hands at the Karachi cotton market on Tuesday.

KCA spot rates stayed unchanged at Rs 3,175 per maund while mills remained cautious and avoided to make any major deal in order to keep the lint prices within the marketís parameters.

The market activity remained quiet due to absence of leading buyers and sellers, however, market witnessed dull business activity on the back of buying from the spinning sector.

Deals in Sindh were finalised around Rs 3,000 per maund and Rs 3,190 per maund. However in Punjab deals changed hands around Rs 3,020 per maund and Rs 3,200 per maund during the trading session.

Fine lint of southern Punjab was traded around Rs 3,260 per maund and Rs 3,270 per maund while lint of Sindh fetched around Rs 3,230 per maund.

The New York March futures contracts merger takes place with the December futures contracts, due to which the market was passing through a depression phase.

Physical market prices remained between Rs 3,000 per maund and Rs 3,185 per maund. According to KCA, 200 bales of Nawabshah changed hands at Rs 3,000 per maund, 200 bales of Bahawalpur at Rs 3,175 per maund, 200 bales of upper Sindh at Rs 3,130 per maund and 200 bales of southern Punjab at Rs 3,290 per maund.

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Added: November 21, 2007 Source: Agencies
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