KARACHI: The continuing declining trend in the international cotton market kept the local market under stress on Thursday, while spot rate remained unchanged, said one dealer.
Spot rate remained unchanged at Rs5,200 per maund (37.324 kg) and Rs5,573 per 40-kg, while ex-Karachi rate stood firm at Rs5,330 per maund and Rs5,703 per 40-kg after addition of Rs130 as up-country expenses.
Demand of yarn in the international market was down, said one analyst, which resulted in decline of cotton prices globally and locally. “Cotton arrival report is expected within few days and spinners are waiting to see the unsold stocks with ginners,” he said.
The New York cotton market recorded a declining trend on Wednesday, whereas China cotton index increased by a few points. May futures at the New York cotton market declined by 0.90 cents to 87.14 cents per pound, while July futures fell by 1.04 cents to 87.76 cents per pound.
Karachi cotton market witnessed moderate trading of around 9,000 bales between price of Rs3,400 to Rs5,700 per maund. Mirpurkhas’ 800 bales were sold at Rs4,300 to Rs4,600 per maund, 400 bales of Tando Adam at Rs4,600, 200 bales of Akri at Rs5,150, 400 bales of Saleh Pat at Rs5,400, 400 bales of low quality lint at Rs3,400, 400 bales of Kassowal at Rs3,700, 200 bales of Hasilpur at Rs5,000, 400 bales of Karor Pakka at Rs5,150, 400 bales of Burewala at Rs5,200 and 200 bales of Bahawalpur were sold at Rs5,450 per maund.
Jahania’s 200 bales were sold at Rs5,400, 400 bales of Ghazi Ghat and 400 bales of Muhammad Pur at Rs5,475, 1,600 bales of Rahimyar Khan at Rs5,450 to Rs5,550, 600 bales of Dera Ghazi Khan at Rs5,475 to Rs5,500, 400 bales of Khanpur at Rs5,550, 400 bales of Kabirwala at Rs5,575 and 800 bales of Mianwali were sold at Rs5,600 to Rs5,700 per maund.