Steady trend prevails amid slow business on cottonmarket

karachi  (february 08, 2011) : higher prices kept the mills and spinners on the sidelines on the cotton market on monday, dealers said. karachi cotton association (kca) official spot rate was unchanged at rs 11,500, they said. phutti prices in sindh and punjab were also stayed put at rs 4300-5500, they said.
in the ready business approximately 1200 bales of cotton sold at equal rate at rs 11,500, they said. market sources said that leading participants were conspicuous by their absence following the continued rise in the international market and partly because of closure of most of the asian market, they said.
ban on exports of cotton by india is basic factor behind the lacklustre trading activity as ginners are also on the sidelines in expectations of further rise in the rates, they added. since cotton prices started rising, india became reluctant in exporting cotton despite good production, they said. india is likely to produce 32.9 million bales of cotton in 2010/11, topping last year's 29.5 million bales, they added. the following deals were reported : 600 bales of cotton from rahim yar khan, 200 bales from sadiqabad and 400 bales from khan pur at the same rate at rs 11,500, they said.

(Source: http://www.brecorder.com/news/cotton-and-textiles/pakistan/1153034:steady-trend-prevails-amid-slow-business-on-cotton-market.html?hl=cotton)