Pakistan: Cotton market remains steady

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KARACHI: Steady trend was witnessed at the cotton market on Saturday, while spot rate remained unchanged, said a dealer.

The spot rate remained unchanged at Rs5,600 per maund (37.324kg) and Rs6,002 per 40kg, while ex-Karachi rate stood firm at Rs5,730 per maund and Rs6,132 per 40kg after addition of Rs130 as upcountry expenses.

An analyst said that the market remained steady. “All arriving bales are being sold in the market,” he said. However, ginners resisted against declining prices last week.“Actually, prices of cottonseed were higher against lint, which reduced the profit ration for ginners,” he said.

Karachi cotton market recorded active trading of more than 12,400 bales from the new crop, while prices remained in between Rs5,625 to Rs5,800 per maund.Shahdadpur 1,000 bales, 1,400 bales of Sanghar, 1,000 bales of Tando Adam, 1,200 bales of Mirpurkhas and 600 bales of Hyderabad were each sold at Rs5,750 to Rs5,800 per maund.

Jahania’s 200 bales were traded at Rs5,625, 200 bales of Mongi Bangla at Rs5,650, 200 bales of Dandia at Rs5,650, 200 bales of Bhakkar at Rs5,650, 800 bales of Arifwala at Rs5,675 to Rs5,700 and 2,000 bales of Burewala were sold at Rs5,675, to Rs5,700 per maund.

Majority of the deals were recorded at Rs5,700 per maund, which included 1,000 bales of Chichawatni, 400 bales of Sahiwal, 400 bales of Haroonabad, 200 bales of Samandari, 400 bales of Gaggo Mandi, 200 bales of Vehari, 400 bales of Khanewal and 200 bales of Deepalpur, while 200 bale of Shujabad were sold at 5,750 and 200 bales of Sadiqabad at Rs5,800 per maund.

Source: http://www.thenews.com.pk/Todays-News-3-123657-Cotton-market-remains-steady

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