KARACHI: Spinners were seen in control of the trading at the Karachi cotton market on Saturday, amid declining prices at the international market, which resulted in decline in the spot rate by Rs100 per maund, a dealer said.
The spot rate declined to Rs5,500 per maund (37.324kg) and Rs5,894 per 40kg, while ex-Karachi spot rate fell to Rs5,630 per maund and Rs6,024 per 40kg after addition of Rs130 as upcountry expenses, he said.
An analyst said that the international market is declining, besides interference by the Trading Corporation of Pakistan (TCP) did not materialise, which had an impact over the local market.
“The TCP is not buying the lint yet, air from its balloon is now off,” he said.
New York cotton recorded decline on all futures for the third consecutive day on Friday. March futures decreased by 0.22 cents to 95.47 cents per pound and May futures fell by 0.17 cents to 95.08 cents per pound.
Karachi cotton market recorded dull trading of around 10,000 bales in between Rs4,200 to Rs5,750 per maund.
Sanghar’s 200 bales were sold at Rs4,200 per maund, 400 bales of Shahdadpur at Rs4,300 to Rs4,500, 400 bales of Tando Adam at Rs4,350, 400 bales of Saleh Pat at Rs5,600, 1,000 bales of Faqirwali at Rs5,300 to Rs5,350, 1,000 bales of Haroonabad at Rs5,300 to Rs5,400, 600 bales of Hasilpur at Rs5,450 to Rs5,500 and 600 bales of Bahawalpur were sold at Rs5,500 to Rs5,600 per maund.
A total of 400 bales of Fort Abbas and 400 bales of Qabola were each sold at Rs5,500, 600 bales of Yazman Mandi and 200 bales of Gojra at Rs5,600, 400 bales of Burewala at Rs5,650, 400 bales of Taunsa Sharif, 400 bales of Shadan Lund, 400 bales of Noorpur, 400 bales of Jalalpur and 1,000 bales of Khanewal were each sold at Rs5,700 per maund.
Mianwali’s 800 bales were sold at Rs5,700 to Rs5,750, 400 bales of Rahim Yar Khan and 400 bales of Sadiqabad were each sold at Rs5,750, while 600 bales of Lodhran were sold at Rs5,550 to Rs5,600 per maund.