Cotton spot rate increases by Rs50 per maund

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KARACHI: The Karachi Cotton Exchange (KCE) on Thursday increased its cotton spot rate by Rs50 per maund (37.324 kg) to Rs5,580 after trading activities improved in local and world markets, said a dealer. “The increase in cotton price in open markets in the country suggested that the KCE raise its spot price as well,” said a broker at KCE. “The minimum rate of cotton in open markets improved to Rs5,800 per maund against Rs5,625 per maund yesterday.”

Nawab Shah was the only market which traded cotton at Rs5,625 per maund against a number of markets that traded the commodity at the same rate yesterday, he said. Besides, the commodity rate continued to increase in world markets as well.

Earlier, the exchange maintained its rate at Rs5,800 per maund for the last four consecutive working days due to low trade in the country.

About 22,000 bales were traded against 11,800 bales traded a day earlier. Khairpur witnessed the highest trade of 2,400 bales at Rs5,950 to Rs6,000 per maund followed by Mianwali and Rajanpur that each traded 1,400 bales at Rs5,950 to Rs6,000, according to KCE. Bahawalpur, Hasilpur, Alipur, Tonsa Sharif, Vehari and Haroonabad also observed considerable trade of cotton bales.

The December-12 future contract improved by 0.19 cents to 71.23 cents at New York Cotton Exchange.

 

Courtesy: The News


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