Cotton prices down on selling pressure: 2014-01-30 : KARACHI: Renewed selling pressure pushed cotton prices further down on Wednesday, and leading spinners and exporters stayed away from the proceedings. However, some millers picked up small lot deals at the falling prices to meet their near-future demand. Floor brokers said that slow demand for cotton yarn is causing adverse impact on the cotton prices as spinners are avoiding to hold long position in their cotton inventory. They further said that spinners who had booked cotton earlier in the season with Indian exporters have started reaching the country and this is one of the factors which caused pressure on cotton prices. Cotton stocks in the country are depleting fast because phutti (seed cotton) arrivals have slowed down to a very low level, brokers added. However, even then prices of cotton during last two straight sessions remained under pressure which indicates that there is no buying interest from leading spinners who are now more dependent on imported cotton from across the border. The New York cotton market recouped part of the overnight losses but Indian cotton stayed firm. The weeklong Lunar New Year closure of Chinese markets also slowed down cotton trade. The Karachi Cotton Association (KCA) reduced its spot rates by Rs100 to Rs6,950 per maund, and trading on ready counter was slow. The following dealers were reported to have changed hands on ready counter: 600 bales, station Faqirwali, at Rs6,925 to Rs7,000; 600 bales, Mian Channu, at Rs6,800 to Rs7,100; 200 bales, Fort Abbas, at Rs6,925; 400 bales, Khichiwal, at Rs6,925; 200 bales, Haroonabad, at Rs6,900; 200 bales, Yazman Mandi, at Rs6,850; 600 bales, Ghotki, at Rs7,050; 400 bales, Rohri, at Rs6,900; and 200
Posted on: Thu, 30 Jan 2014 09:17:30 +0000
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