Cotton spot rate remains unchanged

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KARACHI: The cotton market witnessed active trading on Friday, as the spot rate remained firm at Rs5,300 per maund, a dealer said.

The spot rate remained unchanged at Rs5,300 per maund (37.324kg) and Rs5,680 per 40kg, while ex-Karachi spot rate remained firm at Rs5,330 per maund and Rs5,810 per 40kg after addition of Rs130 as upcountry expenses, the dealer said. An analyst said that the demand for cotton increased amid threat by the ginners to close factories, so the spinners were purchasing cotton according to their requirements.

The quality of Sindh’s cotton deteriorated amid heavy rains in the cotton growing areas. Thus, it is fetching lower rates in the market.

On Friday, Karachi cotton market recorded transactions of over 40,000 bales in between Rs4,000 to Rs5,400 per maund.

Shahdadpur’s 200 bales were sold at Rs4,000 per maund, 1,000 bales of Benazirabad at Rs4,400 to Rs4,500, 400 bales of Dadu at Rs4,650, 800 bales of Khairpur at Rs4,700 to Rs4,750, 2,000 bales of upper Sindh at Rs5,150 to Rs5,200, 600 bales of Uch Sharif, 1,000 bales of Lodhran, 800 bales of Layyah, 2,000 bales of Khanpur, 2,000 bales of Ahmedpur and 3,000 bales of Sadiqabad were each sold at Rs5,300 per maund.

Rajanpur’s 1,000 bales were sold at Rs5,400, 600 bales of Alipur at Rs5,300 to Rs5,400, 6,000 bales of Khanewal at Rs5,200 to Rs5,300, 5,000 bales of Bahawalpur at Rs5,200 to Rs5,300, 2,000 bales of Mianwali at Rs5,450, 2,000 bales of Chistian at Rs5,075 to Rs5,100, 3,000 bales of Burewala at Rs5,200, 800 bales of Hasilpur and 1,000 bales of Haroonabad were each sold at Rs5,100 per maund.

Vehari’s 1,000 bales were sold at Rs5,250 to Rs5,300, 1,200 bales of Fort Abbas at Rs5,100 to Rs5,150, 600 bales of Bahawalnagar at Rs5,075 to Rs5,100, 600 bales of Chichawatni at Rs5,150 to Rs5,200, 600 bales of Sahiwal at Rs5,100 to Rs5,150, 400 bales of Yazman Mandi at Rs5,200 and 1,400 bales of Rahim Yar Khan were sold at Rs5,300 to Rs5,400 per maund.

Source: http://www.thenews.com.pk/TodaysPrintDetail.aspx?ID=80554&Cat=3

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