Cotton spot rate down

KarachiThe Karachi Cotton Association (KCA) has revised down its official rate by Rs100 per maund (37.324 kilograms) to Rs5,200 per maund after demand in low-priced commodity surged at the local markets, a dealer said on Friday.“Price of the newly-produced cotton is comparatively lower than last year’s crop, as it is

By our correspondents

June 27, 2015

Karachi
The Karachi Cotton Association (KCA) has revised down its official rate by Rs100 per maund (37.324 kilograms) to Rs5,200 per maund after demand in low-priced commodity surged at the local markets, a dealer said on Friday.
“Price of the newly-produced cotton is comparatively lower than last year’s crop, as it is having higher content of moisture,” a broker at the Karachi Cotton Exchange said.
Many ginners; however, opted to buy the new crop, as they have resumed production in recent days. “Over 10 ginning factories have resumed production amid arrival of new crop...All the factories (over 1,100 in the country} would resume production by August,” he said.
“The association would soon notify the rates for the new crop. They will come into effect from July 1,” he said.Meanwhile, traders bought 3,000 bales (155 kilograms each) at Rs4,900 to Rs4,950 per maund as compared to 3,100 bales bought a day ago at Rs4,935 to Rs5,600 per maund.