It was all quiet in the Karachi Cotton Market as the KCA sources said not a single deal could be done at the market.
With the opening day of the fresh week, the sources expected a good business as it was Sunday yesterday and it was all closed.
The rates remained 'unchanged' as the sources said that the rates had been Rs 3,350 per maund while for 40 kg, it was Rs 3,590.
For the past two/three days, the sources said that the rates remained unchanged. A few days back, the sources said there had been great demand and, therefore, the rates had been showing rising trends, and the prices had been rising.
However, yesterday neither there was any deal while the prices remained unchanged. Lately, it was reported that there had been increase in the prices of cotton world-wide as the demand had been rising.
Even the exporters from the neighboring India refused shipment of the conceded deals on the pleas that the prices had been raising and, therefore, it was not possible for them to allow shipment at the same prices.
They had been demanding rise in the prices, whereas the importers from Pakistan had been insisting that the shipment should be done in accordance with the deal.
The exporters were reluctant to allow shipment at the existing prices. On the other hand the importers from Pakistan, keeping in view the higher market prices, were restricting themselves for indigenous produce.
The KCA sources said in real terms there had been nothing change and, therefore, there was no reason as to why there should not be any deal.
However, the analysts felt that there could be more business tomorrow as no deal was done on Monday. Therefore, there could be double dealings, they added.
With the opening day of the fresh week, the sources expected a good business as it was Sunday yesterday and it was all closed.
The rates remained 'unchanged' as the sources said that the rates had been Rs 3,350 per maund while for 40 kg, it was Rs 3,590.
For the past two/three days, the sources said that the rates remained unchanged. A few days back, the sources said there had been great demand and, therefore, the rates had been showing rising trends, and the prices had been rising.
However, yesterday neither there was any deal while the prices remained unchanged. Lately, it was reported that there had been increase in the prices of cotton world-wide as the demand had been rising.
Even the exporters from the neighboring India refused shipment of the conceded deals on the pleas that the prices had been raising and, therefore, it was not possible for them to allow shipment at the same prices.
They had been demanding rise in the prices, whereas the importers from Pakistan had been insisting that the shipment should be done in accordance with the deal.
The exporters were reluctant to allow shipment at the existing prices. On the other hand the importers from Pakistan, keeping in view the higher market prices, were restricting themselves for indigenous produce.
The KCA sources said in real terms there had been nothing change and, therefore, there was no reason as to why there should not be any deal.
However, the analysts felt that there could be more business tomorrow as no deal was done on Monday. Therefore, there could be double dealings, they added.
