Cotton spot rate rises by Rs50

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Karachi  The Karachi Cotton Exchange (KCE) increased its cotton spot (average) rate by Rs50 per maund (37.324 kilograms) to Rs6,450 per maund on Monday after the price of the commodity continued to increase at the local markets, a dealer said.


“The KCE increased its spot rate in line with the upward trend at the local markets,” a broker at the KCE said, adding that spinning mill-owners were found purchasing the commodity at a price up to Rs7,000 per maund last week.


Earlier, the KCE kept its spot rate unchanged for the last 10 consecutive working days at Rs6,400 per maund.Local markets, however, witnessed a slowdown in this latest session, the broker said.


Traders exchanged 2,266 bales (155 kilograms each) at Rs6,350 to Rs6,800 per maund as compared to 3,850 bales traded on the previous working day on Saturday at Rs5,800 to Rs6,400 per maund, the KCE reported


Khanewal witnessed the highest trade of 866 bales at Rs6,350 per maund; Ali Pur traded 800 bales at Rs6,400 per maund; and Shahir Sultan trade 600 bales at Rs6,800 per maund, the KCE reported.

Courtesy:  The News

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