Cotton surged to Rs7,200

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Karachi  The price of cotton increased to Rs7,200 per maund (37.324 kilograms) on credit in Pakistan in the aftermath of continued acquisition of the commodity by spinning mills, a dealer said on Thursday.


Traders at Khanpur and Feroza markets traded 6,100 bales (155 kilograms each) and 3,300 bales, respectively, at Rs7,200 per maund on credit.


“The price of cotton surged to around four-month high of Rs7,200 per maund on credit,” a broker at the Karachi Cotton Exchange (KCE) said.


“A few leading mills are buying cotton aggressively on the assumptions that the price of the new cotton crop may be higher than the old one.”


Moreover, the availability of old crop on “three to four months credit” is convincing the spinning mills to acquire it, he said. Traders exchanged a total of 12,000 bales at Rs5,900 to Rs7,200 per maund as compared to 10,770 bales traded at a price up to Rs6,800 per maund a day ago, the KCE reported.


Meanwhile, the KCE kept its cotton spot (average) rate unchanged for the third consecutive working day at Rs6,500 per maund.

Courtesy:   The News

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