Cotton spot rates remain steady

KARACHI: The spot rates at the Karachi Cotton Association (KCA) for the average-quality lint remained steady at Rs12,000 per maund and Rs12,860 per 40kg on Thursday, dealers said.
“Due to the dull trading, the buying trend lost its momentum as most of the traders fear uncertain situation, said Naseem Usman, Chairman of the Karachi Cotton Brokers Forum.
He said that India, China and New York cotton markets are also declining.
At the International Commodity Exchange (ICE), raw cotton futures contracts for May delivery slumped by 2.38 cents to $1.9735 a pound.
Meanwhile, in the domestic market, a total of 4,000 bales were sold, including 1,200 bales of raw cotton (170kg each) in Rahim Yar Khan, 600 bales from Shujabad, 400 bales each from Rajanpur and Fazilpur and 200 bales each from Mirpurkhas, Ghotki, Multan, Muhammad Pur Dewan, Vehari, Samandari and Haroonabad, varying in the range of Rs10,500 to 12,000 per maund.
Moreover, high-quality seedcotton (Phutti) was available at Rs4,500 per 40kg and low-quality at Rs3,500 per 40kg.

(Source: http://www.thenews.com.pk/TodaysPrintDetail.aspx?ID=41617&Cat=3&dt=4/15/2011)