The spot rates of cotton have reduced by Rs100/maund as recorded at the Karachi Cotton Exchange. The spot rates decreased to Rs6,450/maund (37.324kg) and Rs6,912/40kg. Ex-Karachi rates also fell to Rs6,595/maund and Rs7,067/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
An analyst said the spot rates declined because of an increase in the arrivals. He added that demand remained still high in the market, but any arrival in bulk or decline in quality will decrease the prices.
Buyers bought better grades of lint on premium prices and strengthened their long positions in making forward deals during trading session in Sindh and Punjab.
Physical prices remained firm on demand for all grades of cotton that kept marketâ€™s sentiments positive while bottom line prices stood firm. Buyers also made forward deals for second grade of lint at around Rs 6,550 â€“ Rs 6,600 per maund.
Demand for better grades of cotton would remain on the higher side in coming trading sessions as mills and spinners stockpile better grades for producing end-products and blending purposes. Secondary buyers bought all grades of lint at around Rs 6,125 â€“ Rs 6,175 per maund. Sellers withholding better grades of lint remained in the driving seat as stocks of better grades of lint were shrinking.
A total of 30 transactions were recorded of around 26,000 bales at a price of Rs6,150 to Rs6,700/maund. Among them, notable deals were recorded from Ghotki, Khairpur, Rahimyar Khan, Rajanpur, Sadiqabad, Bahawalpur, Haroonabad, Mianwali, Fort Abbas and Chistian.
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