Trading in new cotton crop

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Karachi  The Karachi Cotton Exchange (KCE) reported first formal trade in the new crop in 600 bales (155 kilograms each) at Rs6,800 per maund (37.324 kilograms), dealers said.


Haroonabad traded 600 bales of the new cotton crop at Rs6,800 per maund, the KCE reported.


However, trade activities remained slow at the local markets. Traders exchanged a total of 2,576 bales at Rs5,900 to Rs7,000 per maund as compared to 12,000 bales traded at Rs5,900 to Rs7,200 per maund a day ago, the KCE reported.


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


Brokers at the KCE said that trade activities remained slow as spinning mill-owners were waiting for increase in the arrivals of the new crop to indulge into active buying. “The quality of new crop is reportedly good, while there is almost no difference in price of the new crop and old crop,” a broker said.


At New York cotton market, July futures contract dropped by 0.48 cents per pound to 84.92 cents, while October futures contract declined by 1.22 cents per pound to 85.92 cents, it said.

Courtesy:   The News

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