Cotton spot rate remains firm

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KARACHI: The trade turnover of cotton declined to 6,400 bales but price remained firm at Rs6,400 per maund (37.324 kilograms) at the open markets across the country on Friday, said dealers.

The KCE, however, kept its cotton spot rate unchanged for the eighth consecutive day at Rs6,100 per maund.

Traders exchanged 6,400 bales at Rs5,700 to Rs6,400 per maund against 13,500 bales traded a day ago at Rs5,800 to Rs6,350 per maund, according to the KCE.

Rahim Yar Khan witnessed the highest trade of 2,000 bales at Rs5,950 to Rs6,300 per maund. Khairpur (BCI), Burewala, and Mianwali traded 800 bales each at Rs5,800 to Rs6,400 per maund, it said. Gojra traded 600 bales at Rs5,950 per maund, Chichawatni, Bahawalpur, Vehari, traded 400 bales each at Rs5,700 to Rs6,000 per maund and Haroonabad traded 200 bales at Rs6,025 per maund, said KCE. Meanwhile, March futures contract at New York cotton market dropped by 0.32 cents per pound to 81.40 cents, while May futures contract decreased by 0.27 cents per pound to 82.28 cents, according to the KCE. However, China cotton index fell by two points to 19,271 points, it added.

Source: thenews.com.pk

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