KARACHI: The local cotton market remained steady on Friday, while spot rate remained unchanged, said a dealer.
The spot rate remained unchanged at Rs5,500 per maund (37.324kg) and Rs5,948 per 40kg, while ex-Karachi rate stood firm at Rs5,705 per maund and Rs6,103 per 40kg after addition of Rs155 as upcountry expenses, he said.
An analyst said that the market remained under pressure as demand declined amid increase in arrivals in Punjab.
“Spinners are showing less interest, while exporters entered into the market and exported new lint crop. Sindh’s cotton is receiving better prices than Punjab,” he said. “But, some ginners reduced prices of cottonseed on the fear of rain.”
Karachi cotton market recorded active trading of around 1,200 bales from the new crop, while prices remained in the range of Rs5,500 to Rs5,700 per maund.
Shahdadpur’s 1,000 bales, 1,200 bales of Sanghar, 1,400 bales of Tando Adam and 1,600 bales of Mirpurkhas were each sold at Rs5,650 to Rs5,700 per maund, 400 bales of Kotri at Rs5,700, 200 bales of Chistian at Rs5,500, 400 bales of Lodhran at Rs5,525 to Rs5,600, 400 bales of Shujabad at Rs5,550 to Rs5,600 and 200 bales of Sahiwal were sold at Rs5,575 per maund.
Chiniot’s 200 bales, 200 bales of Jhang, 600 bales of Garh Maharaja, 200 bales of Pir Mahal, 200 bales of Kot Addu, 600 bales of Mian Channu, 200 bales of Qabola and 200 bales of Chichawatni were each sold at Rs5,600 per maund.
Likewise, Burewala’s 600 bales were traded at Rs5,600 to Rs5,650 per maund, 400 bales of Bahawalpur at Rs5,625, 200 bales of Depalpur, 200 bales of Gojra and 200 bales of Gagoo Mandi were each sold at Rs5,650 per maund and 200 bales of Khanewal were sold at Rs5,700 per maund.
Source: http://www.thenews.com.pk/Todays-News-3-124495-Cotton-spot-rate-remains-firm
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