KARACHI: Steady trend was recorded at the Karachi cotton market on Wednesday, while spot rate remained unchanged, said a dealer.
The spot rate remained firm at Rs6,200 per maund (37.324kg) and Rs6,645 per 40kg, while ex-Karachi rate remained unchanged at Rs6,330 per maund and Rs6,775 per 40kg after addition of Rs130 as upcountry expenses, he said.
An analyst said that ginners are having stocks or around 60,000 bales from the crop of 2011/12 and are looking for good prices.
“All old stocks will be sold before arrival of new cotton in full boom till the end of August,” he said. Currently, he said, a fewer quantity deals were being made from the new crop.
Although the new crop arrival has started, but the country was short by 8.25 percent in cotton sowing, of which Sindh was short by 12.14 percent and Punjab is short by 7.26 percent. “Cotton harvesting is also late this year because of change in the climate,” said the analyst.
New York cotton market witnessed minor improvement in all its futures on Tuesday, while China cotton index recorded mix trend. July futures at New York cotton market increased by 0.60 cents to 72.75 cents per pound, whereas October futures improved by 0.60 cents to 72.90 cents per pound.
Karachi cotton market recorded active trading of around 6,000 bales of which majority of deals were done from the new crop, while prices remained in between Rs5,600 to Rs6,400 per maund.
Out of the new crop, 600 bales of Sanghar were traded at Rs6,050 to Rs6,100, 200 bales of Tando Adam at Rs6,100, 200 bales of Vehari at Rs6,250, 200 bales of Chistian, 200 bales of Chichawatni, 100 bales of Sahiwal and 600 bales of Burewala were each sold at Rs6,300 and 200 bales of Khanewal were sold at Rs6,400 per maund.