Cotton spot rate rises

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Karachi :
The Karachi Cotton Association (KCA) revised upward its cotton spot (average) rate by Rs50 per maund (37.324 kilograms) to Rs6,600 per maund on Monday after trading activities increased at the local markets, a dealer said.


“The KCA revised up cotton spot rate in line with the upward trend at the local markets,” a broker at the Karachi Cotton Exchange said.

 

He said that the trading activities were increasing with the passage of time due to start of the arrival of matured cotton to markets. Earlier, the early sown cotton was being sold after being mixed with the old stocks of cotton, he said, adding that the mixed cotton was not of good quality and disappointing buyers. “For this reason, trading activities were slow,” he said. Traders exchanged a total of 6,700 bales (155 kilograms each) at Rs6,650 to Rs6,700 per maund as compared to 3,800 bales traded at Rs6,600 to Rs6,650 per maund on the previous working day – Saturday, the KCA reported. Shahdadpur traded 1,000 bales at Rs6,650 to Rs6,700 per maund; Tando Adam, Sanghar, and Khanewal traded 800 bales each at Rs6,650 to Rs6,700 per maund; and other markets traded the minimum of 100 bales and the maximum of 600 bales, it added.




Courtesy:  The News


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