Tuesday, February 12, 2013 - KARACHI
No trading was witnessed at the cotton market on Monday following higher price demand by ginners, said dealers. "Buyers and sellers differ on the pricing issue," said Naseem Usman, broker at the Karachi Cotton Exchange (KCE).He said that ginners are demanding higher price for the commodity, while the spinning mill-owners were reluctant to pay.
Short cotton production during the ongoing fiscal year encouraged ginners to demand for a higher price. However, mill-owners remained reluctant to pay the price and opted to wait, he said.The country is expected to produce 13 million bales in the ongoing fiscal year against 14.8 million bales produced in the previous year.
In its latest fortnightly report, Pakistan Cotton Ginners Association (PCGA) has reported a decline of over nine percent (or 1.23 million bales) to 12.37 million bales' (of 155 kilograms each) production for the period from July 1, 2012 to January 31, 2013 against 13.61 million bales produced during the same period last year. On the last trading session on Saturday, spinning mill-owners bought 5,400 bales at Rs6,000 to Rs6,500 per maund (37.324 kilograms), according to the KCE. (Source: International The News)