Steady conditions prevail in local cotton market
Karachi, March 28, 2013 (PPI-OT): Steady conditions have prevailed in the local cotton market today. Yesterday’s sharp rise in futures has provided positive impetus and ginners have been tight sellers. However, spinners have reacted cautiously and have resisted paying over the current price range. Mill purchasing has been modest and of a gap-filling nature.
Business in premium quality lint has been feasible at between Rs. 6,700/7,200 per maund (roughly 83.00/89.00 US cents per Ib), ex-gin, while average qualities have fetched around Rs. 6,000/6,500 per maund. Import activity from local mills has remained moderate over the past few days.
Despite the recent decline in futures, business has been restricted to retail proportions. Some further Indian Shankar-6 has been traded at around 93.00/94.00 cents per lb. while MCU-5 has been sold at around 95.00/96.00, CFR Karachi. West African s’ Grades have also found buyers at between 94.00/94.50 cents per lb. also landed.
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Cotton World Services
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