Modest change in cotton rates

Cotton rates to move up modestly on the cotton market on Wednesday during the trading process with active buying by mills, dealers said. The official spot rate remained unchanged at Rs 6,600. In ready session, over 20,000 bales of cotton changed hands between Rs 6250-7000.

While, in Sindh, seed cotton prices were same at Rs 2700-3200, in the Punjab, rates also held the overnight levels at Rs 2700-3300, as per 40 kg.

At the Karachi Cotton Exchange on Wednesday, active trading was recorded, while spot rates remained firm at Rs6,600/maund (37.324kg) and Rs7,073/40kg. Ex-Karachi rates also remained firm at Rs6,745/maund and Rs7,228/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

A total of 20 transactions were recorded of around 22,000 bales at a price of Rs6,250 to Rs7,000/maund. Notable deals were recorded from Mirpur Mathelo, Khanpur Maher, Ghotki, Daharki, Khairpur, Shahdadpur, Rahimyar Khan, Shujaabad, Mianwali, Chistian and Haroonabad.

Deals reported were: 1000 bales of cotton from Mirpur Mathelo at Rs 7000, 1600 bales from Khanpur Meher, 1200 bales from Ghotki done at the same rate, 3400 bales from Dherki at Rs 6900-7000, 2000 bales from Khairpur at Rs 6400-6550, 1200 bales from Shahdadpur at Rs 6250, 800 bales from Sadiqabad at Rs 7000, 1200 bales from Rahim Yar Khan at the same rate, 1400 bales from Shujabad at Rs 6800-6900, 800 bales from Mian Channu at Rs 6850, 600 bales from Shadan Lund at Rs 6800, 200 bales from Ghazi Ghat at Rs 6780, 6000 bales from Ahmedpur East at Rs 6500, 1400 bales from Mianwali at Rs 6400, 200 bales from Layyah, 400 bales from Haroonabad and 200 bales from Chistian all done at the same rate, 1400 bales from Chistian at Rs 6300-8350, 800 bales from Bahawal Nagar and 1000 bales from Haroonbad all finalised at the same rate.

According to cotton analyst, Naseem Usman, prices were firm due to some factors, sharing the same views other analysts said that due to delay in permit for cotton import from India is also creating some confusions among participants and mills moved in the local market and active trade was recorded.