The spot rate increased to Rs5,250 per maund (37.324kg) and Rs5,626 per 40kg, while ex-Karachi rate reached Rs5,380 per maund and Rs5,756 per 40kg after addition of Rs130 as upcountry expenses, he said.
An analyst said that the demand for lint witnessed a decline in the local market due to fall in the demand for yarn across the world. “Price increase in the local market is the result of slight improvement in the international market and good quality crop in the local market,” he said.
New York and China cotton markets recorded mix trend. May futures at the New York cotton market increased by 0.20 cents to 87.34 cents per pound, while July futures improved by 0.25 cents to 88.01 cents per pound and December onwards contracts declined.
The Karachi cotton market witnessed trading of around 3,000 bales in between Rs5,000 to Rs5,700 per maund. A total of 400 bales of Mirpurkhas were sold at Rs5,000 on one month credit, 200 bales of Ghotki at Rs5,590, 400 bales of Faqirwali at Rs5,150, 400 bales of Fort Abbas at Rs5,200, 200 bales of Duniapur at Rs5,250, 200 bales of Hasilpur at Rs5,385, 700 bales of Sadiqabad at Rs5,400 and 700 bales of Dera Ghazi Khan were sold at Rs5,700 per maund.