Trade in cotton remains sluggish

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KARACHI: Trade in cotton reduced to 5,200 bales, while price of the commodity remained stable at Rs5,725 to Rs6,100 per maund (37.324 kilograms) at the open markets across the country on Tuesday, according to the Karachi Cotton Exchange (KCE).

 

The KCE; however, kept its spot rate unchanged for the 19th consecutive day at Rs6,000 per maund.

 

Mianwali witnessed highest trade of 1,600 bales at Rs6,100 per maund, while Rahim Yar Khan traded 1,200 bales each at Rs6,000 to Rs6,100 per maund, said KCE.

 

Layyah traded 800 bales at Rs5,975 per maund, and Shah Jamal exchanged 400 bales at Rs5,975 per maund, it said.

 

Taunsa Sharif, Burewala, Vehari, Chistian, Kabirwala, and Jahania traded 200 bales each at Rs5,725 to Rs6,000 per maund, it added.

 

A broker at the KCE said that the trade turnover would remain low till the middle of January, while prices will remain stable below Rs6,100 per maund. “The return of China to work at the completion of 10 days annual holidays on January 10 will revive cotton markets in Pakistan,” he said.

 

Pakistan remained a big seller of cotton yarn to China in the current season. China is expected to place fresh buying orders of yarn after January 10, he added. Therefore, the trade in the commodity in Pakistan would start improving from the middle of January, he said.

Meanwhile, March futures contract at New York cotton market improved by 0.66 cents per pound to 75.71 cents, while May futures contract enhanced by 0.64 cents per pound to 76.53 cents.


Courtesy:  The News


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