Tuesday, January 08, 2013 -
Trade in cotton remained low at 7,400 bales on Monday after some of the spinning mill-owners opted to import the commodity from India, said a dealer. "Mill-owners have placed import order for 200,000 cotton bales to India last week," said Naseem Usman, a broker at Karachi Cotton Exchange. The import from neighboring country kept the trade turnover and price of the commodity unchanged at 7,400 bales at Rs5,925 to Rs6,100 per maund (37.324 kilogram) at open markets in Pakistan, he said.
The Karachi Cotton Exchange (KCE), however, kept its spot rate unchanged for the Eighteenth consecutive working day at Rs6,000 per maund. Layyah witnessed highest trade of 1,600 bales at Rs5.925 per maund, while Khairpur (BCI), Upper Sindh (BCI) and Rahim Yar Khan traded 1,000 bales each at Rs6,100 per maund, KCE reported. Other markets in the country traded in range of 200 bales to 800 bales each at Rs5,925 to Rs6,100 per maund, it added. The broker said that mill-owners were importing cotton from India in an attempt to get a higher quality commodity at a landed price ranging between Rs6,200 to Rs6,300 per maund.
He said that the quality of the commodity available at Pakistan's open markets these days was comparatively not of good quality and that's why the price remained stable below Rs6,100 per maund. The price of the commodity, however, is expected to increase in medium- to -long run after the stock of low to medium quality cotton is sold, he said.