The spot rate increased to Rs6,000 per maund (37.324kg) and Rs6,430 per 40kg, while ex-Karachi rate raised to Rs6,130 per maund and Rs6,560 per 40kg after addition of Rs130 as upcountry expenses, he said.
An analyst said that the demand increased and supplies shortened, resulting in the increase in the spot rate. “Prices are likely to further increase in the coming days as a fewer stocks are available in the country,” he said. Prices for individual deals further increased, which would pave the way for further increase in the spot rate, he said.
Pakistan Cotton Ginners Association (PCGA) did not release its fortnightly cotton arrivals report by middle of the current month, and it is expected that the final report will be released by the next month, said a trader.
Due to shortage of stocks, Karachi cotton market witnessed dull trading of around 2,600 bales in between Rs5,250 to Rs7,000 per maund.
Burewala’s 200 bales were sold at Rs5,250 per maund, 300 bales of Layyah at Rs5,700, 419 bales of Arifwala at Rs5,850 to Rs6,000, 1,000 bales of Shadan Lund at Rs6,000, 103 bales of Faqirwali at Rs6,500 and 600 bales of Mianwali were sold at Rs7,000 per maund.