Cotton market remains firm


KARACHI: Cotton market witnessed dull trading activity on Monday, but the rates remained steady as international market recorded increase last week, a dealer said.

The spot rate remained unchanged at Rs5,700 per maund (37.324kg) and Rs6,109 per 40kg, while ex-Karachi spot rate remained firm at Rs5,830 per maund and Rs6,239 per 40kg after addition of Rs130 as upcountry expenses, he said.

An analyst said that the market remained steady as the international market recovered by the end of the week.

Although very few deals were recorded in the market on Monday, the prices remained firm due to international market, he said.

China cotton index recorded an increase by several points on Monday, whereas New York cotton market also increased on all its futures on Friday.

March futures in the New York cotton market increased by 2.13 cents to 96.34 cents per pound while May futures gained 1.99 cents to 97.48 cents per pound. Karachi cotton market recorded transactions of around 2,000 bales in between Rs4,500 to Rs5,900 per maund.

A total of 600 bales of Mirpurkhas were sold at Rs4,500 to Rs5,300 per maund, 400 bales of Bahawalnagar at Rs5,300, 400 bales of Rahim Yar Khan and 400 bales of Sadiqabad were each sold at Rs5,900 per maund.