Cotton spot rate remains unchanged

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KARACHI: Karachi cotton market recorded dull trading on Saturday, however, spot rate remained unchanged as the international market improved slightly, a dealer said.

The spot rate remained unchanged at Rs5,700 per maund (37.324kg) and Rs6,109 per 40kg, while ex-Karachi 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 international market recorded slight recovery on Friday, which resulted in reducing some pressure from the local market. “But, the trade was slow,” he said.

The international market continued declining trend this week, which pressed the local market downwards.

New York cotton market recorded minor improvement on all futures on Friday.

March futures in the New York cotton market increased by 0.23 cents to 90.61 cents per pound, while May futures improved with 0.18 cents to 92.06 cents per pound.

Karachi cotton market witnessed transactions of around 6,000 bales in between Rs5,300 to Rs6,000 per maund.

Dharki’s 400 bales were sold at Rs6,000 per maund, 400 bales of Vehari, 600 bales of Faqirwali and 400 bales of Haroonabad were each sold at Rs5,300 per maund, 800 bales of Fort Abbas at Rs5,300 to Rs5,400, 200 bales of Dhanot at Rs5,500, 400 bales of Ahmedpur at Rs5,600, 600 bales of Mianwali at Rs5,800 to Rs5,900, 600 bales of Shujabad and 1,000 bales of Alipur were each sold at Rs5,950 to Rs6,000, while 1,000 bales of Rahim Yar Khan were sold at Rs5,900 per maund.

Source: http://www.thenews.com.pk/TodaysPrintDetail.aspx?ID=92250&Cat=3

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