Cotton spot rate remains unchanged


KARACHI: The local cotton market witnessed dull trading activity on Tuesday, while 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 global cotton market is down, as the demand for yarn and fabric remained low. “At the local market, buyers are waiting for the arrival of the new crop expected in the third week of July, as quality of the remaining stocks is low,” he said. New York cotton market recorded minor decline on all futures, while China cotton index declined by several points. July futures at New York cotton market decreased by 0.06 cents to 68.53 cents per pound, while October futures fell by 1.07 cents to 67.78 cents per pound. Karachi cotton market recorded dull trading activity of only 600 bales, of which 200 bales of Vehari and 300 bales of Arifwala were each sold at Rs5,300 per maund and 100 bales of Mailsi were sold at Rs5,600 per maund.