Pakistan: Cotton spot rate remains firm

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KARACHI: The prices of cotton stretched in a wider range of Rs5,300-6,100 per maund (37.324 kilogram) at the open market from a narrow of Rs5,700-6,050 per maund a day ago as various spinning mill-owners purchased the commodity of different qualities as per their requirements, said a dealer on Saturday.

“Ginners charged different prices for cotton depending upon the quality of the commodity,” said a dealer at the Karachi Cotton Exchange (KCE). “The beginning of the end of the ongoing cotton season would keep prices fluctuating in a wider range due to their quality issues.”

The minimum price of cotton fell to Rs5,300 per maund from Rs5,700 a day ago. Similarly, the maximum price improved to Rs6,100 per maund from Rs6,050.

The KCE, however, kept its spot rate unchanged for the seventh consecutive day at Rs5,850 per maund.

Spinning mill-owners bought around 14,500 bales against 19,000 bales bought a day ago, according to the KCE. Upper Sindh witnessed highest trade of 3,000 bales at Rs6,100 per maund.

Bahawalpur, Rahim Yar Khan, Rajanpur and Mianwali traded significant number of bales at Rs5,875-6,100 per maund, it added.

The broker said that the closure of business in various cities of Sindh also impacted the cotton trade that resulted in lower turnover.

“The unavailability of transport for carrying cotton from markets to factories convinced some mill-owners not to purchase the commodity today.”

Source: thenews.com.pk

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