Pakistan: Cotton spot rate rises by Rs75

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KARACHI: The local cotton market witnessed increased demand for cotton on Wednesday, which resulted in increase in spot rate by Rs75 per maund, said a dealer.

The spot rate improved to Rs5,575 per maund (37.324kg) and Rs5,975 per 40kg, while ex-Karachi rate increased to Rs5,730 per maund and Rs6,130 per 40kg after addition of Rs155 as upcountry expenses, he said.

An analyst said that the rates remained tight in the market, as growers slowed down supply of cottonseed to the mills and ginners had to cut down working hours of their factories.

“There are chances of decline in the crop amid monsoon rains, which have stopped supply of cottonseed to mills,” he said.

New York cotton market recorded an increase on all futures on Tuesday, while China cotton index also reported gain of a few points. October futures at New York cotton market gained 0.06 cents to 70.49 cents per pound and December futures increased by 0.06 cents to 71.84 cents per pound.

Karachi cotton market witnessed active trading of around 20,000 bales from the new crop, while prices remained in the range of Rs5,500 to Rs5,850 per maund.

Shahdadpur’s 2,000 bales and 1,200 bales of Tando Adam were each sold at Rs5,600 per maund, 2,000 bales of Sanghar and 2,000 bales of Mirpurkhas at Rs5,550 to Rs5,600, 1,000 bales of Khairpur at Rs5,800, 1,000 bales of upper Sindh at Rs5,800 to Rs5,850, 200 bales of Chiniot at Rs5,500, 400 bales of Vehari at Rs5,500 to Rs5,600, 1,000 bales of Khanewal at Rs5,600 to Rs5,700, 1,000 bales of Pakpattan at Rs5,575 to Rs5,650 and 200 bales of Chichawatni were sold at Rs5,600 per maund.

Bhakkar’s 600 bales were traded at Rs5,625 to Rs5,700 per maund, 400 bales of Hasilpur at Rs5,650, 1,600 bales of Burewala, 200 bales of Gaggo Mandi and 400 bales of Rahim Yar Khan were each sold at Rs5,700 per maund, 200 bales of Fazilpur at Rs5,750, 400 bales of Fort Abbas at Rs5,700 to Rs5,800, 600 bales of Faqirwali, 800 bales of Haroonabad and 800 bales of Mianwali were each sold at Rs5,800 to Rs5,850 per maund, while 400 bales of Khichiwala and 600 bales of Rajanpur were each sold at Rs5,800 per maund.

Source: http://www.thenews.com.pk/Todays-News-3-136824-Cotton-spot-rate-rises-by-Rs75

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