Cotton spot rate declines by Rs50

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KARACHI: Decline in the international demand for yarn pushed the cotton prices down in the local market by Rs50 per maund on Thursday, a dealer said.

After decline of Rs50 per maund, the spot rate reached Rs5,300 per maund (37.324kg) and Rs5,680 per 40kg, while ex-Karachi rate fell to Rs5,430 per maund and Rs5,810 per 40kg after addition of Rs130 as upcountry expenses, he said.

An analyst said that after an increase for a couple of days, the international market again declined, which pushed the local prices downwards.

Spinners have tightened their positions, while exporters are purchasing lint from the local market, he said.

Pakistan has recorded export registration of 1.060 million bales from August 1, 2011 to February 23, 2012, of which 1.051 million bales are included from the new crop.

During this period, 447,005 bales were exported that included 425,405 bales from the new crop.

New York cotton market declined on Wednesday, whereas China cotton index fell by a few points on Thursday. March futures at New York cotton market declined by 1.80 cents to 89.86 cents per pound, while May futures fell by 1.80 cents to 90.44 cents per pound.

Karachi cotton market witnessed dull trading of around 5,000 bales in between Rs3,650 to Rs5,600 per maund.

A total of 200 bales of Mirpurkhas were sold at Rs3,650 per maund, 400 bales of Ghotki at Rs5,100 to Rs5,300, 600 bales of Khanewal at Rs4,900 to Rs5,000, 400 bales of Chistian and 400 bales of Haroonabad at Rs5,000, 600 bales of Jahania at Rs5,000 to Rs5,100 and 200 bales of Vehari were sold at Rs5,200 per maund.

Hasilpur’s 800 bales were sold at Rs5,000 to Rs5,200, 400 bales of Mailsi and 400 bales of Fort Abbas were each sold at Rs5,250, 200 bales of Madrasa and 200 bales of Lodhran were each sold at Rs5,300 and 400 bales of Mianwali were sold at Rs5,600 per maund.

Source: http://www.thenews.com.pk/Todays-News-Cotton-spot-rate-declines-by-Rs50-3-95475

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