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Cotton market lacks lustre
KARACHI- Trading on the cotton
market on Monday resumed on an insipid note as spinners were
not inclined to make bigger commitments apparently in a bid to
maintain a status quo in regard to selling prices.
But after mid-session some of the local mills instructed their
brokers to buy inferior lots between Rs1,500 and Rs1,550 and
they obliged them,, turning the dull session into active one.
Unlike the previous sessions, however, ginners offered to sell
K-68 variety around 1,700 that too on credit, while others
held on to their positions.
Floor brokers said leading exporters have also resumed their
covering operations, the details of their tally are not
available as they are mostly making direct purchases from the
ginners from the central Sindh.
"It appears now pretty difficult to ascertain a competitive
price for the lint on the spot basis as there is difference of
about Rs200 per maund between the inferior and superior
stuff," they say.
Some of the leading spinners were, however, after the fine
lots and offered to raise their bid prices as higher as
Rs1,900 per maund and according to the market sources stray
lots did change hands.
Unconfirmed reports also indicate that some of the leading
ginners holding long unsold positions are also making forward
buying on an unfixed basis that is at the prevailing spot
rates at the time of delivery, brokers said. But as far as
physical business is concerned it remained on the lower side
as both ginners and spinners are locked in a price war to
outwit each others, they added.
Official spot rates were again held unchanged at the weekend
levels as there was no change the quality premiums, dealers
said.
Ready offtake was modest as till late the evening about 6,000
bales changed hands, the following being some of the notable
deals:
SINDH TYPE: 1,500 bales of Sanghar at Rs1,500, 300 bales at
Rs1,550, 400 bales, Naushero Feroz at Rs1,500, 500 bales,
Sinjoro at Rs1,500 and 400 bales of Punjmoro at Rs1,700 on
credit.
PUNJAB VARIETY: 2,000 bales of Bahawalpur at Rs1,750 and 400
bales of Chishtian at Rs1,625.
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The following are Monday's new crop Karachi Cotton
Association (KCA) official spot rates for local dealings
in Pak rupees for base grade 3 staple length 1-1/32"
micronair value between 3.8 to 4.9 NCL. |
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Rate for |
Exgin price |
Ex-gin price
including Sales Tax |
Upcountry Expenses |
Spot rate ex-Karachi
including Sales Tax @ 15% |
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37.32 kgs |
1,775 |
2,041.25 |
50 |
2,091.25 |
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Equivalent |
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40 kgs |
1,902 |
2,187.30 |
50 |
2,237.30 |
courtesy Daily Dawn, 2
April, 2002
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Pakissan.com;
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