Cotton spot rate down

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Karachi  The Karachi Cotton Exchange (KCE) reduced its cotton spot (average) rate by Rs50 per maund (37.324 kilograms) to Rs6,400 per maund on Thursday after the commodity price maintained downward trend at the local markets, a dealer said.

 

“The KCE declined its spot rate in line with the downward trend at the local markets,” a broker at the KCE said.

 

The KCE Advisory Committee declined the price after observing that there was ‘no or little’ trade in the commodity at the local markets during the last one week. Moreover, those spinning mill-owners who wanted to buy the commodity were not ready to pay even the reduced price.

 

“Trends show that cotton will remain under pressure throughout the ongoing off-season (April-June) period of production,” he said.

 

Traders exchanged 1,050 bales (155 kilograms each) at Rs6,150 to Rs6,400 per maund as compared to 1,521 bales traded at Rs6,200 to Rs6,500 per maund a day ago, the KCE reported. At New York cotton market, July futures contract decreased by 0.47 cents per pound to 86.45 cents, while October futures contract reduced by 0.56 cents per pound to 85.86 cents, it said.



Courtesy:  The News


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