Daily Times, Pakistan
KARACHI: The spot rate remained firm on strong demand while leading buyers consolidated their long unsold positions at the Karachi cotton market, traders said Thursday.
Many indicators are showing less than expected yield this crop season but prices are still within the reach of buyers, Ghulam Rabbani, a senior trader at Karachi Cotton Association said.
The KCA’s spot rate remained firm at Rs 4,125 per maund with growing demand of lint of all qualities during the trading session, he added. The commitments of ginners showed that lint price would increase further in the next coming weeks by 3 percent and trend-following price hike, leading buyers would consolidate their net long positions by making sizeable deals, Mr Rabbani said.
He said around 1,000 bales each of southern Punjab and upper Sindh changed hands around Rs 4,130 per maund and Rs 4,200 per maund respectively. A senior broker said physical market prices remained stable and ranged between Rs 4,125 per maund and Rs 4,240 per maund. Fine lint fetched higher rate above Rs 4,235 per maund.
Viscose prices were slightly raised in Pakistan, in line with a new trend in the global market, and especially in China. Polyester-viscose yarn prices are also rising, after a similar increase in polyester staple fibre prices. Prices may now further climb with activity getting momentum.
Last night in New York futures market October 2014 closed at 67.91 with a gain of 38 points and December settled at 70.18 with a gain of 40 points. A total of 130 contracts were traded under October 2014 cover and the volume of contracts traded under December 2014 cover was 10,009. staff report
