Cotton rates increase at open markets
Friday, December 14, 2012
KARACHI: The price of cotton continued to increase at the open market in line with the surge in the commodity price at world markets, said a dealer on Thursday.
“The cotton price increased in the world after the United States estimated lower production of the commodity this season,” said Naseem Usman, a broker at the Karachi Cotton Exchange (KCE).
The minimum price of cotton jumped to Rs5,800 per maund (37.324 kilogram)from Rs5,100 a day ago. Similarly, the maximum price improved to Rs6,100 per maund from Rs6,050 on Wednesday.
March futures contract surged by 0.22 cents to 75.12 cents per pound at New York cotton market.
The KCE, however, kept its spot rate unchanged for the fifth consecutive day at Rs5,850 per maund. Trade turnover remained stable at 19,600 bales, according to the KCE.
Upper Sindh and Rahim Yar Khan witnessed highest trade of 3,000 bales each at Rs5,950-5,975 per maund.
Khanewal, Alipur, and Mianwali also traded higher number of bales at Rs5,900-6,100 per maund, it added.
Courtesy: The News