Active trading continues at cotton market

Karachi Cotton Exchange on Tuesday continued to witness active trading, while upcountry expenses increased Rs10 a maund. According to an analyst, upcountry expenses increased after a period of around two years, as transport charges also escalated

Spot rate stood unchanged at Rs6,350/maund (37.324 kilogrammes) and Rs6,802/40-kg. However, ex-Karachi rates rose to Rs6,495/maund and Rs6,960/40-kg after addition of Rs145 and Rs155 as upcountry expenses, respectively.

Nine transactions were recorded of around 6,000 bales at a price of Rs6,350 to Rs6,700 a maund. Of which, 1,000 bales were traded from Sanghar, 800 bales from Hyderabad, 2,000 bales (Tando Adam), 1,000 bales (Shahdadpur), 200 bales (Golarchi), 400 bales (Sinjhoro), 100 bales (Burewala) and 100 bales each from Sahiwal and Chichawatni.

The Karachi Cotton Association on Tuesday fixed the official spot rate, or base price, for Grade 3 cotton at 6,805 rupees per maund (40 kg). Grade 3 cotton has a staple length of 1-1/16″ and micronaire value between 3.8 and 4.9 NCL (no control limits), which represents fine to coarse classes of cotton varieties.
In the kerb market, the key crop varieties traded in the range of 6,350 to 6,700 rupees per maund.

But trading activity at the cotton market remained selective and around 900 bales changed hands.