Sunday, February 24, 2013 - KARACHI
Trade turnover of cotton fell to 3,500 bales on Saturday after spinning mill-owners stopped building fresh stocks of the commodity, a dealer said. "Spinning mill-owners have stopped buying fresh stocks of cotton since they are having enough inventories of the raw material for manufacturing cotton yarn in short- to medium-run," a dealer at the Karachi Cotton Exchange (KCE) said.
"Many of the mills, which were closed about a month ago in Sindh and Punjab, have become operational too." Meanwhile, the KCE kept the cotton spot rate unchanged at Rs6,400 per maund for the second consecutive working day. Ginners sold 3,500 bales to spinning mill-owners during the day against 8,400 bales sold a day ago. The price of the commodity; however, fluctuated in the range of Rs4,600 to Rs6,500 per maund (37.324 kilograms) against Rs6,100 to Rs6,600 per maund a day ago, the KCE reported. Mian Channu witnessed the highest trade of 1,000 bales of low quality at Rs4,600 to Rs5,750 per maund followed by Shahdadpur, which traded 900 bales at Rs5,900 to Rs6,200 per maund, it said.
Sanghar traded 600 bales at Rs5,700 per maund, Shahpur Chakkar traded 400 bales at Rs5,900 per maund, while Sillan Wali, Khanewal and Duniapur (condition) traded 200 bales each at Rs5,900 to Rs6,500 per maund, it added. The broker said that the day witnessed most of the trading in low quality cotton as suggested by price. Otherwise, the good quality cotton was being sold at Rs6,400 to Rs6,600 per maund. (Source: International The News)