KARACHI: The local cotton market witnessed moderate trading with the arrival of new crop on Monday, while spot rate increased by Rs100 per maund, said a dealer.
The spot rate increased to Rs6,200 per maund (37.324kg) and Rs6,645 per 40kg, while ex-Karachi rate improved to Rs6,330 per maund and Rs6,775 per 40kg after addition of Rs130 as upcountry expenses, he said.
The demand for the new cotton crop increased in the local market, said an analyst, while the international market remained steady. “However, cottonseed (phutti) prices declined in Pakistan as more factories had started their operations in Punjab and is sold at Rs2,800 to Rs2,900 per 40kg there, while it is being sold at Rs2,700 to Rs2,800 per 40kg in Sindh,” he said.
New York cotton market report was not available till the filing of this news, while China cotton index declined by a few points.Karachi cotton market recorded moderate trading of around 2,100 bales of new crop in between Rs6,175 to Rs6,450 per maund. Shahdadpur’s 200 bales were traded at 6,200 per maund, 300 bales of Haroonabad at Rs6,175 to Rs6,300, 200 bales of Pakpattan at Rs6,200 to Rs6,300, 100 bales of Sahiwal at Rs6,300, 500 bales of Burewala at Rs6,300 to Rs6,450, and 600 bales of Kabirwala and 200 bales of Khanewal were each sold at Rs6,400 per maund.