Cotton spot rate reduced

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Karachi  The Karachi Cotton Exchange (KCE) reduced its cotton spot (average) rate by Rs50 per maund (37.324 kilograms) to Rs6,450 per maund after trading activity declined at the local cotton markets, a dealer said on Thursday.

 

“The KCE revised down its spot price after cotton markets witnessed sluggish trend,” a broker at the KCE said. “Spinning mills are avoiding paying higher prices for old cotton stocks, while the new crop is all set to arrive in significant quantity in the markets in two to three weeks.”

 

“The quality of the new crop is always better than the old one,” he said. “Markets have witnessed trade in the new crop on futures counters.”

 

Earlier, the KCE had increased its cotton spot rate by Rs100 per maund to Rs6,500 on Tuesday.

 

Meanwhile, traders exchanged 2,017 bales at Rs5,150 to Rs6,900 per maund as compared to 3,200 bales traded at Rs5,900 to Rs6,700 per maund a day ago, the KCE reported. At New York cotton market, July futures contract increased by two cents per pound to 90.06 cents, while October futures contract surged by 2.46 cents per pound to 89.31 cents, it added.



Courtesy:  The News


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