KARACHI: Arrival of quality lint increased at the local cotton market on Wednesday, which resulted in increase in spot rate by Rs50 per maund, said a dealer.
The spot rate increased to Rs5,350 per maund (37.324kg) and Rs5,734 per 40kg, while ex-Karachi rate improved to Rs5,505 per maund and Rs5,889 per 40kg after addition of Rs155 as upcountry expenses, he said.
An analyst said that due to increased arrival of quality lint in the local market prices improved. “Actually, rains played positive role in parts of Sindh and Punjab where light showers benefited the crop. In some areas, cotton was damaged because of heavy rains,” he said.
Karachi cotton market witnessed active trading of around 26,000 bales from the new crop, while prices remained in the range of Rs5,200 to Rs5,550 per maund.
Shahdadpur’s 2,600 bales were sold at Rs5,400 to Rs5,450 per maund, 2,000 bales of Sanghar at Rs5,375 to Rss5,450, 2,000 bales of Mirpurkhas at Rs5,375 to Rs5,400, 2,200 bales of Tando Adam, 2,000 bales of Shaheed Benazirabad (Nawabshah), 600 bales of Hyderabad, 600 bales of Sakrand and 400 bales of Kazi Ahmed were each sold at Rs5,450 per maund, 1,000 bales of Khairpur at Rs5,550 and 2,000 bales of upper Sindh were sold at Rs5,500 to Rs5,550 per maund.
Hasilpur’s 1,000 bales and 800 bales of Burewala were traded at Rs5,200 to Rs5,400, 200 bales of Rahim Yar Khan at Rs5,300, 800 bales of Vehari at Rs5,300 to Rs5,350, 1,200 bales of Khanewal at Rs5,325 to Rs5,400 and 2,200 bales of Haroonabad were sold at Rs5,400 to Rs5,500 per maund.
Pakpattan’s 200 bales and 200 bales of Shorkot were sold at Rs5,350 per maund, 600 bales of Faqirwali, 400 bales of Mian Channu and 600 bales of Fort Abbas were each sold at Rs5,400 per maund, 200 bales of Shehar Sultan at Rs5,465 and 2,000 bales of Rajanpur were sold at Rs5,500 per maund.