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Cotton Pricess
Cotton Pricess
Cotton Pricess
KARACHI: Raw cotton surged by Rs500 export ban in India, active trading at the
to hit the highest level of Rs12,500 per China Cotton Exchange.
maund on Thursday, dealers said on
Thursday. Cotton traders maintain that the non-
delivery of cotton export contracts from
They attributed the surge in cotton rates India has adversely affected the entire
to record high prices in the international cotton chain in Pakistan.
market due to cotton export ban in India
and major crop loss in Pakistan, China A meeting that took place between the
and Australia. president of India Cotton Association and
the Adviser to the Prime Minister on
About 500 bales of raw cotton were sold Textiles concluded with proposal to send
at the peak level of Rs12,500 per maund Pakistani importers’ delegation to India
on credit in Deharki and Ghotki, to straighten up the mechanism of cotton
surpassing the previous high of Rs12,000 imports, they said.
per maund on January 28. Seedcotton
(Phutti) rate increased by Rs100 to strike Shakeel Ahmad, a leading cotton trader
an all-time of Rs5,500 per 40 kg, on the Karachi Cotton Exchange said that
breaking the previous record of Rs5,400 cotton ginners were holding back stocks.
per 40 kg on February 2. “Soaring prices and short supply
dampened local cotton buying and
Amreen Hirani, a commodity analyst, ginners seem unwilling to sell the
said the impact of international rally was commodity on hope for higher prices in
seen on local cotton prices as well, when upcoming days,” he said.
domestic cotton touched a record high.
Despite runaway prices, spot rates of the
On the International Commodity Karachi Cotton Association (KCA) held
Exchange (ICE), New York, the raw steady at Rs11,000 per maund and
cotton contracts for March and May rose Rs11,789 per 40 kg for average quality
by 4 cents each to hit an all-time high of lint.
$1.76 and $1.71 per pound, respectively,
amid rising demand for the commodity. The country’s cotton sales stood at
10,200 bales of raw cotton (of 170 kg
Hirani said the recent price hike was each) varying between Rs10,400 and
witnessed due to the correlation with Rs12,500 per maund depending on
international price that escalated staple length and grade.
followed by major crop loss in Pakistan
and China due to weather conditions,
Date: 04-02-2011 Page No:3
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