KARACHI: Cotton market remained steady on Friday amid tight positions of stakeholders while spot rate remained unchanged, said one dealer.
Spot rate remained unchanged at Rs5,400 per maund (37.324 kg) and Rs5,787 per 40-kg, ex-Karachi rate remained firm at Rs5,530 per maund and Rs5,917 per 40-kg after addition of Rs130 as up-country expenses.
Market remained steady because very little stock of cotton was left in the country, said an analyst, ginners held tight positions which kept the market steady.
“Although international market declined but local remained steady as there is demand from the exporters,” he said.
New York cotton market, on the other hand, again recorded decline in all its futures. China cotton index also posted minor decline.
The May futures at the New York cotton market declined by 0.78 cents to 88.54 cents per pound and July futures fell by 0.87 cents to 88.39 cents per pound.
Karachi cotton market witnessed dull trading of around 4,000 bales between price of Rs4,300 to Rs5,700 per maund. Cotton from Sindh recorded low prices, as it was affected in rains while lint from the Punjab received better rates.
Mirpurkhas’ 600 bales, 600 bales of Shahdadpur and 600 bales of Sanghar were each sold at Rs4,300 to Rs4,500 per maund, 600 bales of Benazirabad at Rs4,500 and 200 bales of Arifwala were sold at Rs5,000 per maund.
Nasirpur’s 200 bales were sold at Rs5,200, 447 bales of Liaquatpur at Rs5,400, 200 bales of Dera Ghazi Khan at Rs5,600, 200 bales of Lodhran and 600 bales of Alipur were each sold at Rs5,700 per maund.