Cotton spot rate increased

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Karachi  The Karachi Cotton Exchange (KCE) revised up its cotton spot (average) rate by Rs100 per maund (37.324 kilograms) to Rs6,500 per maund after the demand for the commodity continued to increase at the local markets, a dealer said on Tuesday.

 

“The KCE increased its cotton spot rate after the demand for the commodity surged significantly,” Taqi Abbas, a member of the Advisory Committee of the Karachi Cotton Association, said. “The surge in the demand, sometimes, does not truly reflect in the KCE daily reports.”

 

“Spinning mill-owners bought around 10,000 bales at a price of up to Rs6,800 per maund on Tuesday,” he said, adding that the KCE reported trade in mere 1,800 bales at Rs5,125 to Rs6,800 per maund.

 

He said that the spinning mills are actively purchasing cotton these days after they remained unaware about the quality of the new crop that has started arriving in the markets in small quantity. “The price of the new crop, however, is slightly higher than the old crop available in the markets.”




Courtesy:  The News


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