Pakistan: Cotton spot rate firm

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

The spot rate remained unchanged at Rs5,550 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 trade activity has started picking up as rains have stopped in the cotton growing areas of the country. “Better quality lint will start arriving in the market after a week or so, which will result in bringing the steady trend in the market,” he said.

Karachi cotton market witnessed moderate trading of around 6,400 bales from the new crop, while prices remained in the range of Rs5,500 to Rs5,725 per maund.

Shahdadpur’s 1,000 bales were sold at Rs5,550 to Rs5,600 per maund, 1,000 bales of Sanghar at Rs5,550 to Rs5,575, 600 bales of Mirpurkhas at Rs5,500, 1,000 bales of Tando Adam at Rs5,550 to Rs5,575, 400 bales of Vehari at Rs5,550 and 200 bales of Sahiwal were sold at Rs5,575 per maund.

Multan’s 400 bales, 200 bales of Bahawalpur, 200 bales of Mubarakpur and 200 bales of Hasilpur were each sold at Rs5,600 per maund, 200 bales of Khanewal at Rs5,625, 200 bales of Shah Jeewana at Rs5,700, while 400 bales of Tonsa Sharif and 400 bales of Shadan Lund were each sold at Rs5,725 per maund on credit.

 Source: http://www.thenews.com.pk/Todays-News-3-133045-Cotton-spot-rate-firm

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