Cotton market remains under pressure

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 KARACHI: The Karachi cotton market remained under pressure as the international market recorded negative change this week, however, spot rate remained firm on Saturday, a dealer said.

The spot rate remained unchanged at Rs5,800 per maund (37.324kg) and Rs6,216 per 40kg, while ex-Karachi spot rate remained firm at Rs5,930 per maund and Rs6,346 per 40kg after addition of Rs130 as upcountry expenses, he said.

An analyst said that after a decline for few days, the international market posed positive changes on Friday, which helped the local market remain firm.

“However, prices of individual deals declined, which would decrease the local market next week,” he said.

New York cotton market recorded mixed change in all its futures on Friday. March futures increased by minor margin of 0.02 cents to 95.61 cents per pound and May futures increased by 0.05 cents to 96.09 cents per pound.

Karachi cotton market recorded dull trading of around 8,000 bales in between Rs4,600 to Rs5,800 per maund.

A total of 1,200 bales of Mirpurkhas were sold at Rs4,600 to Rs4,650 per maund, 400 bales of Saleh Pat at Rs5,750, 400 bales of Khuzdar at Rs5,875, 200 bales of Shujabad, 400 bales of Faqirwali and 200 bales of Haroonabad were each sold at Rs5,400, and 200 bales of Chani Goth, 400 bales of Vehari, 400 bales of Multan and 200 bales of Chiniot were each sold at Rs5,500 per maund.

Likewise, 400 bales of Fort Abbas and 400 bales of Bahawalpur were each sold at Rs5,600, 400 bales of Lodhran and 400 bales of Shujabad were sold at Rs5,700, 800 bales of Rahim Yar Khan at Rs5,700 to Rs5,800 and 400 bales of Shorkot and 800 bales of Sadiqabad were each sold at Rs5,800 per maund.

Source: http://www.thenews.com.pk/TodaysPrintDetail.aspx?ID=89965&Cat=3

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