Trading activity at the Karachi Cotton Exchange showed improvement on Monday, while spot rates increased Rs50/maund to Rs6,350/maund (37.324kg) and Rs6,805/40kg. Ex-Karachi rates also increased to Rs6,485/maund and Rs6,950/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.
KCE recorded eight transactions of around 4,000 bales of the new crop from Sindh and Punjab at a price of Rs6,350 to Rs6,500/maund.
Of these, 400 bales of Mirpurkhas, 100 bales of Jhole, 200 bales of Sinjoro, 66 bales of Sanghar, 400 bales of Tando Adam, 1,200 bales of Shahdadpur, 300 bales of Chichawatni and 400 bales of Burewala were traded in the market.
While, at the Karachi Cotton Association on Monday the official spot rate, or base price was fixed 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 6,500 rupees per maund.
According to an analyst, cotton arrivals remained lower than demand in the market that resulted in an increase in prices.
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