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Pakistan : Cotton price flatten out |
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2004-7-29
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Last Tuesday witnessed active cotton trading and prices of per maund bales remained static closing at Rs 2,475 in light of spinners displaying interest in fresh buying.
The two-day active trading has lifted traders’ hopes that the week would end on a good note. But at the same time they are uncertain about the falling prices.
They said since the dispute between the textile industry and government has been resolved, the industry is expected to enter into fresh buying.
However, they suggested sooner or later the government would have to intervene into the local market to bail growers out of the crisis.
On Tuesday, total of 7,000 cotton bales mostly belonged to Punjab’s ginning factories were traded. 1,500 bales of Jhania sold at Rs 2,450 per maund, 3,000 of three ginning factories from unreported destinations of Punjab at Rs 2,375 per maund, Rs 2,250 and Rs 2,075 per maund, 1,100 bales of Jalapur at Rs 2,375 per maund, 600 bales of Khanpur at Rs 2,500 per maund, 400 bales of Galiwali at Rs 2,410 per maund and 200 of Khanpur changed hands at Rs 2,500 per maund.
Traders fear unsold stocks to pull down the prices, despite heavy buying. According to Pakistan Cotton Ginners Association (PCGA) its members still have over 0.3 million unsold cotton bales are in stock.
Traders said if the government does not intervene into the market, the depressing situation would deprive most of the growers of justified returns.
Traders said the buying activity may pick up this week, but the prices are not seen to be stable over 300,000 bales are in stock yet to be sold.
“The government must ask the TCP (Trading Corporation of Pakistan) to implement its plan of lifting bales from the local market,” he added. TCP had recently announced to buy 0.45 million-cotton bales from local market in an attempt to ensure fair return to growers. |
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