Cotton spot rate rises by Rs25

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KARACHI: Individual deals of lint received good prices on Wednesday, which resulted in increase in spot rate by Rs25 per maund, said a dealer.

The spot rate increased to Rs5,700 per maund (37.324kg) and Rs6,109 per 40kg, while ex-Karachi rate improved to Rs5,855 per maund and Rs6,264 per 40kg after addition of Rs155 as upcountry expenses, he said.

An analyst said that little rain in the cotton belt of Punjab reduced some delivery of the lint in the market, which resulted in tightening the trade. “Rain is beneficial for the crop but it affected the flow of arrivals downward, which resulted in increase in prices,” he said.

New York cotton market recorded mix trend on Tuesday, while China cotton index improved by a few points. October futures at the New York cotton market fell by 0.16 cents to 74.96 cents per pound and December futures declined by 0.32 cents to 75.40 cents per pound.

Karachi cotton market recorded active trading of more than 13,000 bales from the new crop, while prices remained in the range of Rs5,650 to Rs5,800 per maund.

Shahdadpur’s 1,000 bales, 1,000 bales of Sanghar, 800 bales of Tando Adam, 1,000 bales of Mirpurkhas, 600 bales of Hyderabad and 600 bales of Kotri were each sold at Rs5,750 to Rs5,800 per maund, 200 bales of Vehari at Rs5,650, 200 bales of Shadan Lund at Rs5,675, 200 bales of Bahawalnagar, 200 bales of Lodhran, 200 bales of Toba Tek Singh, 200 bales of Bhakkar and 200 bales of Mongi Bangla were each traded at Rs5,700 per maund.

Haroonabad’s 800 bales and 800 bales of Bahawalpur were sold at Rs5,700 to Rs5,800 per maund, 800 bales of Burewala at Rs5,725 to Rs5,800, 600 bales of Khanewal at Rs5,750 to Rs5,800, 200 bales of Mian Channu, 200 bales of Gaggo Mandi and 100 bales of Chichawatni at Rs5,750, 800 bales of Hasilpur, 400 bales of Shah Jeevna, 800 bales of Garh Maharaja, 400 bales of Jhang, 200 bales of Depalpur, 200 bales of Chunia, 200 bales of Patoki and 200 bales of Pul Bagarh were each sold at Rs5,800 per maund.

 

Courtesy: The News


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