Cotton market observes moderate trading

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KARACHI: Karachi cotton market recorded moderate trading on Saturday, while prices remained stable, a dealer said.

The spot rate remained unchanged at Rs5,500 per maund (37.324kg) and Rs5,894 per 40kg, while ex-Karachi spot rate stood firm at Rs5,630 per maund and Rs6,024 per 40kg after addition of Rs130 as upcountry expenses, he said.

An analyst said that the cotton was last picked in December and there would not be much crop left, so the ginners kept their positions tightened.

“International market also increased, which has an impact over the prices in the local market, as well,” he said.

Pakistan has recorded export registration of 556,510 bales from August 1 to December 31, of which 547,505 bales come from the new crop and 9,005 bales are from the old one.

During this period 247,232 bales have been exported, of which 233,887 bales come from the new crop.

New York cotton recorded increase on all futures on Friday. March futures increased by 1.12 cents to 95.86 cents per pound and May futures increased by 1.04 cents to 95.52 cents per pound.

Karachi cotton market recorded transactions of around 22,000 bales on Saturday in between Rs4,900 to Rs5,850 per maund.

Kazi Ahmed’s 600 bales were sold at Rs4,900 per maund, 3,000 bales of Khairpur at Rs5,150 to Rs5,300, 2,000 bales of upper Sindh at Rs5,350 to Rs5,400, 1,000 bales of Bhakkar at Rs5,000, 800 bales of Burewala at Rs5,350, 400 bales of Duniapur at Rs5,375, 1,400 bales of Kabirwala, 400 bales of Ahmedpur and 2,000 bales of Fort Abbas were each sold at Rs5,500 per maund.

Liaquatpur’s 800 bales were sold at Rs5,550 to Rs5,600, 600 bales of Shadan Lund, 400 bales of Lodhran, 1,400 bales of Bahawalpur and 400 bales of Rahim Yar Khan were each sold at Rs5,600 per maund, 3,000 bales of Dera Ghazi Khan at Rs5,650 to Rs5,850, 400 bales of Rajanpur at Rs5,650, 1,000 bales of Sadiqabad, 1,000 bales of Mianwali and 400 bales of Shujabad were each sold at Rs5,700 and 2,000 bales of Khanpur were sold at Rs5,650 to Rs5,700 per maund.

SOurce: http://www.thenews.com.pk/TodaysPrintDetail.aspx?ID=86372&Cat=3

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