Pakistan: Cotton spot rate declines by Rs100

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KARACHI: Increased cotton arrivals from the new crop resulted in further decline of Rs100 per maund in the spot rate on Thursday, said a dealer.

The spot rate fell to Rs5,600 per maund (37.324kg) and Rs6,002 per 40kg, while ex-Karachi rate declined to Rs5,730 per maund and Rs6,132 per 40kg after addition of Rs130 as upcountry expenses, he said.

An analyst said that the market remained under pressure as arrivals increased in Punjab, which reduced the prices, while arrivals from Sindh were short but the lots received better prices.

“Buyers have tightened their positions due to decline in yarn prices,” he said.

New York cotton recorded decline on all futures on Wednesday, while China cotton index improved by a few points. October futures at the New York cotton market fell by 1.19 cents to 69.10 cents per pound, while December futures declined by 1.52 cents to 69.51 cents per pound.

Karachi cotton market recorded active trading of more than 12,000 bales from the new crop, while prices remained in the range of Rs5,500 to Rs5,800 per maund.

Shahdadpur’s 1,400 bales and 1,000 bales of Tando Adam were each sold at Rs5,750 to Rs5,800 per maund, 1,200 bales of Mirpurkhas, 1,600 bales of Sanghar and 800 bales of Hyderabad were traded at Rs5,700 to Rs5,800 per maund, 200 bales of Sillanwali at Rs5,500, 200 bales of Mongi Bangla and 200 bales of Pir Mahal at Rs5,525, 200 bales of Garha Morr, 200 bales of Sadiqabad, 200 bales of Mamo Kanjan, 200 bales of Haroonabad, 100 bales of Mian Channu and 200 bales of Lodhran were each sold at Rs5,550 per maund.

Burewala’s 800 bales at Rs5,550 to Rs5,575, 600 bales of Bahawalpur at Rs5,550 to Rs5,650, 800 bales of Gaggo Mandi at Rs5,575 to Rs5,650, 600 bales of Khanewal at Rs5,550 to Rs5,750, 1,000 bales of Vehari at Rs5,550 to Rs5,585, 400 bales of Hasilpur at Rs5,500 to Rs5,550, 200 bales of Jahania at Rs5,500, 200 bales of Shujabad at Rs5,575, 200 bales of Bahawalnagar at Rs5,600, 200 bales of Chistian and 200 bales of Sahiwal at Rs5,700, 200 bales of Garh Maharaja and 200 bales of Kabirwala were each sold at Rs5,750 per maund.

Source: http://www.thenews.com.pk/Todays-News-3-122931-Cotton-spot-rate-declines-by-Rs100

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