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March 4, 2015

Moderate cotton buying

 
March 4, 2015

Karachi
Textile mill-owners continued to make moderate cotton buying at the local markets, as stable pricing outlook kept them composed to have ended up the day with buying the commodity as per their limited needs, a dealer said on Tuesday.
“Pricing outlook stays stable,” said Naseem Usman, a broker at the Karachi Cotton Exchange, adding price of prime quality cotton remained around Rs5,200 per maund (37.324 kilograms) for the last many weeks.
Traders bought 5,900 bales (155 kilograms each) at Rs4,800 to Rs5,200 per maund as compared to 6,600 bales bought at Rs4,000 to Rs5,200 per maund a day ago, the Karachi Cotton Association (KCA) reported.
In its latest fortnightly report, the Pakistan Cotton Ginners Association (PCGA) has reported the volume of unsold stocks at 845,530 bales, which is 15 percent lower than 998,974 bales in the same period last year.