Slow down in trading activity at cotton market

Cotton market witnessed slowed down in trading activity due to December closing. At the Karachi Cotton Exchange on Tuesday, trading remained slow, while spot rates remained unchanged.

The spot rates stood firm at Rs7,000/maund (37.324kg) and Rs7,502/ 40kg. Ex-Karachi rates also remained unchanged at Rs7,145/ maund and Rs7,657/ 40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

A total of 11 deals were recorded of around 16,000 bales at a price of Rs6,650 to Rs7,500/maund from Ghotki, Rohri, Rasoolabad, Lodhran, Shujaabad, Rajanpur, Shahar Sultan, Vehari, Haroonabad, Fort Abbas and Faqeerwali.

At the Karachi Cotton Association on Tuesday, the official spot rate, or base price, for Grade 3 cotton was fixed at 7,502 rupees per maund (40 kg).

Leading buyers made deals second grade of cotton at around Rs 7,000 per maund while spinners bought better stocks at around Rs 7,025 per maund. The ginning units brought better grades on their asking prices to around Rs 7,000 per maund while produced 3000 bales on demand while arrival of cottonseed remained normal.

In Kerb market trading took place in a range of Rs 6,625 per maund to Rs 6,675 per maund.

On the other end, Pakistan to fulfil the industry demands has made import contracts of 2.3 million bales, of which, deals of 0.3 million bales were made with India.