Upward trend seen in cotton prices

At the Karachi Cotton Exchange on Wednesday, trading continued to remain slow while spot rates increased Rs200/maund to Rs7,800/maund (37.324kg) and Rs8,359/40kg. Ex-Karachi rates also rose to Rs7,945/maund and Rs8,514/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

A total of eight transactions were recorded of around 13,000 bales at a price of Rs8,000 to Rs8,100/maund. Deals were recorded from Ghotki, Kot Sabzal, Liaquatpur, Khanpur, Rahimyar Khan, Mian Channu, Rajanpur and DG Khan.

On cotton arrival trend, Pakistan recorded 11.10 million bales of cotton arrival by December 31, 2017, of which textile mills have bought 9.55 million bales while exporters bought 2.14 million bales . The total bales sold out so far were calculated at 9.77 million bales. While, 1.33 million bales are lying unsold because some ginners are waiting for higher prices of cotton in the market.

Multan received 2,75,308 bales with 5.16 % decrease than last year, Lodhran 155,238 bales with 16.43 % decrease, Khanewal 6,77,867 bales with an increase of 19.16 %, Muzaffargarh 3,37,733 bales with an increase of 5.12 %, Dera Ghazi Khan 421,475 with an increase of 26.83 %, Rajanpur 444,079 bales , 34 % increase, Layyah 2,88,895 bales with 5.86.% increase, Vehari 5,69,117 bales with 52.38 % increase and Sahiwal 2,64,329 bales with 27.38 % increase than last year.