Pakistan: No change in cotton spot rate

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KARACHI: The buying and selling activity of cotton bales in the local market remained steady on the last day of the working week with no effect on the spot rate, said a dealer.

The spot rate remained firm at Rs6,300 per maund (37.324kg) and Rs6,752 per 40kg, while the ex-Karachi rate stood unchanged at Rs6,430 per maund and Rs6,882 per 40kg after an addition of Rs130 as upcountry expenses, he said.

The market recorded thin trading of around 1,700 bales in between Rs5,000 to Rs7,000 per maund.

Meanwhile, Haroonabad’s 200 bales were sold at Rs5,000 per maund, 207 bales of Sahiwal at Rs5,800, 200 bales of Uch Sharif at Rs6,400, 400 bales of Chichawatni at Rs6,650, 300 bales of Vehari at Rs6,700 and 400 bales of Bahawalpur were sold at Rs7,000 per maund.

According to an analyst, the cotton market witnessed tight trading after ginners held their stocks firmly, which pushed the prices up for individual deals. “Prices will further rise as ginners are left with limited stocks,” he said. On the international front, the New York cotton market declined in all futures on Friday.

Source: http://www.thenews.com.pk/Todays-News-3-105503-No-change-in-cotton-spot-rate

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