Cotton spot rates down

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Karachi : With a fresh fall of Rs100 per maund (37.324 kilograms), the Karachi Cotton Association (KCA) has reduced its cotton spot (average) rate by a total of Rs200 per maund in the last three consecutive days to Rs6,400 per maund on Thursday.


“The KCA is revising down its cotton spot rate in line with the declining prices of phutti and cotton at the local markets,” a broker at the Karachi Cotton Exchange said.


He said that increase in supply of phutti and cotton to the markets was causing decline in their prices, as the demand for these two was not increasing in proportion with their supply. Traders exchanged a total of 8,900 bales (155 kilograms each) at Rs6,450 to Rs6,500 per maund as compared to 15,000 bales traded at Rs6,500 to Rs6,625 per maund a day ago, the KCA reported.


Sanghar witnessed the highest trade of 1,400 bales at Rs6,500 to Rs6,550 per maund; and other markets traded the minimum of 200 bales and the maximum of 1,000 bales, it said.


At New York cotton market, October futures contract recovered 0.15 cents per pound to 86.16 cents, while December futures contract regained 0.07 cents per pound to 85.74 cents, it added.

Courtesy:   The News

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