Pakistan: Cotton spot rate remains unchanged

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KARACHI: Active trading was witnessed at the Karachi cotton market on Tuesday, while spot rate remained unchanged, said a dealer.

The spot rate stood firm at Rs5,850 per maund (37.324kg) and Rs6,269 per 40kg, while ex-Karachi rate remained unchanged at Rs5,980 per maund and Rs6,399 per 40kg after addition of Rs130 as upcountry expenses, he said.

An analyst said that the market remained steady but cotton arrival from Punjab was slow because of the rain.

“The crop of Sindh is good this year as compared to last year, which was affected by heavy rains and it is fetching good price,” he said.

October futures at the New York cotton market fell by 0.71 cents to 71.35 cents per pound, while December futures declined by 0.75 cents to 72.19 cents per pound.

Karachi cotton market recorded active trading of more than 10,000 bales from the new crop, while prices remained in the range of Rs5,785 to Rs6,000 per maund.

Tando Mohammad Khan’s 200 bales and 400 bales of Tando Jan Mohammad were sold at Rs5,900 per maund, 600 bales of Hyderabad, 1,400 bales of Mirpurkhas, 1,400 bales of Sanghar, 1,200 bales of Shahdadpur and 800 bales of Tando Adam were each sold at Rs5,900 to Rs5,950 per maund, 400 bales of Nooriabad and 400 bales of Chichawatni were sold at Rs5,950 per maund.

Likewise, Bahawalpur’s 200 bales were traded at Rs5,800 per maund, 100 bales of Gaggo Mandi at Rs5,850, 1,100 bales of Burewala at Rs5,800 to Rs5,950, 400 bales of Sahiwal at Rs5,785 to Rs5,975, 300 bales of Vehari at Rs5,785 to Rs5,900, 600 bales of Haroonabad at Rs5,800 to Rs5,900, 400 bales of Multan at Rs5,950 to Rs6,000, 200 bales of Pakpattan at Rs5,850 and 200 bales of Hasilpur were sold at Rs6,000 per maund.

Source: http://www.thenews.com.pk/Todays-News-3-122567-Cotton-spot-rate-remains-unchanged

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