Pakistan: Cotton spot rate down by Rs150

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KARACHI: Prices fell further at the local cotton market amid an increase in arrivals, while spot rate declined by Rs150 per maund on Thursday, said a dealer.

The spot rate fell to Rs5,250 per maund (37.324kg) and Rs5,626 per 40kg, while ex-Karachi rate declined to Rs5,405 per maund and Rs5,781 per 40kg after addition of Rs155 as upcountry expenses, he said.

An analyst said that arrivals increased after rain stopped in the cotton growing areas, which resulted in decline in prices.

International market is also facing declining trend in prices, which was also affecting the local market.

“The market is likely to remain under pressure for some weeks, as arrivals are likely to increase further,” he said.

New York cotton market witnessed decline on all futures on Wednesday, while China cotton index remained almost unchanged.

October futures fell by 1.29 cents to 69.52 cents per pound and December futures declined by 1.31 cents to 71.02 cents per pound.

Karachi cotton market witnessed active trading of more than 15,000 bales from the new crop, while prices remained in the range of Rs5,000 to Rs5,400 per maund.

Shahdadpur’s 2,000 bales and 2,000 bales of Tando Adam were each sold at Rs5,250 to Rs5,400 per maund, 2,000 bales of Sanghar at Rs5,250 to Rs5,350, 2,000 bales of Mirpurkhas at Rs5,000 to Rs5,100, 200 bales of Gaggo Mandi at Rs5,100, 800 bales of Burewala at Rs5,000 to Rs5,300, 400 bales of Arifwala at Rs5,000, 200 bales of Chiniot at Rs5,125, 600 bales of Vehari at Rs5,125 to Rs5,300 and 800 bales of Chichawatni were sold at Rs5,150 to Rs5,200 per maund.

Haroonabad’s 400 bales, 600 bales of Bahawalpur, 200 bales of Hasilpur, 200 bales of Bhakkar and 200 bales of Mianwali were each sold at Rs5,200 per maund, 400 bales of Pir Mahal and 400 bales of Gojra at Rs5,300 per maund, 600 bales of Khanewal at Rs5,300 to Rs5,350, 200 bales of Mian Channu at Rs5,325 and 200 bales of Kabirwala were sold at Rs5,400 per maund.

Source: http://www.thenews.com.pk/Todays-News-3-134369-Cotton-spot-rate-down-by-Rs150

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