Pakistan: Cotton spot rate remains firm

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KARACHI: The local cotton market witnessed steady trend on Monday, while spot rate remained unchanged, said a dealer.

The spot rate stood firm at Rs5,750 per maund (37.324kg) and Rs6,162 per 40kg, while ex-Karachi rate remained unchanged at Rs5,905 per maund and Rs6,317 per 40kg after addition of Rs155 as upcountry expenses, he said.

An analyst said that the market remained steady, as cotton arrivals were normal.Meanwhile, Pakistan Cotton Ginners Association has released its report of cotton arrivals till August 31, which shows arrival of 1.7 million bales in the factories from the new crop.

Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that the arrivals in September were expected to reach two million bales and a total of 3.7 million bales by October 1 would show an increase of more than 20 percent against 2.8 million bales by October 1 last year.

New York cotton market was not available by the time of filing of this report, while China cotton index increased by a few points.Karachi cotton market witnessed active trading of more than 10,000 bales from the new crop, while prices remained in the range of Rs5,650 to Rs5,800 per maund.

Shahdadpur’s 1,000 bales, 1,000 bales of Mirpurkhas, 800 bales of Tando Adam, 800 bales of Garh Maharaja, 800 bales of Chichawatni, 200 bales of Kabirwala and 400 bales of Arifwala were each sold at Rs5,750 per maund.

Sanghar’s 1,000 bales were sold at Rs5,750 to Rs5,765 per maund, 1,200 bales of Burewala at Rs5,650 to Rs5,750, 200 bales of Bahawalnagar at Rs5,700, 600 bales of Jahania at Rs5,650 to Rs5,700, 200 bales of Duniapur at Rs5,700, 1,000 bales of Vehari and 400 bales of Pul Bagar at Rs5,700 to Rs5,750, 200 bales of Multan, 200 bales of Yazman Mandi and 200 bales of Khanewal were each sold at Rs5,800 per maund.

Source: http://www.thenews.com.pk/Todays-News-3-129833-Cotton-spot-rate-remains-firm

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