KARACHI: The local cotton market remained steady amid increase in the demand on Tuesday, while the spot rate remained unchanged, said a dealer.
The spot rate remained unchanged at Rs5,500 per maund (37.324kg) and Rs5,894 per 40kg, while ex-Karachi rate remained firm at Rs5,630 per maund and Rs6,024 per 40kg after addition of Rs130 as upcountry expenses, he said.
An analyst said that the new crop was delayed this year and very little stocks are available with the ginners, which resulted in increase in the prices in the local market. “Mill-owners remained calm because of decline in the demand for yarn and fabric, while demand has increased from the exporters,” he said.
Karachi cotton market witnessed moderate trading of around 6,500 bales in between Rs4,525 to Rs6,000 per maund.
Benazirabad’s 400 bales were sold at Rs4,525 per maund, 200 bales of Tando Muhammad Khan at Rs4,700, 200 bales of Fort Abbas and 200 bales of Karor Pakka at Rs5,200, 400 bales of Shujabad at Rs5,250 to Rs5,750, 200 bales of Arifwala, 400 bales of Vehari and 200 bales of Multan were each sold at Rs5,400 per maund.
Duniapur’s 200 bales were sold at Rs5,450, 1,400 bales of Bahawalpur and 200 bales of Hasilpur at Rs5,600, 200 bales of Layyah and 400 bales of Burewala at Rs5,700, 200 bales of Jalalpur at Rs5,800, 400 bales of Bahawalpur and 1,400 bales of Sadiqabad were each sold at Rs6,000 per maund.