KARACHI: Cotton prices and trade turnover remained stable at the open market after some stability was witnessed in the rupee value against the dollar, said a dealer on Thursday.
“Stability in the rupee value against the dollar kept buyers active at the open market,” said a broker at the Karachi Cotton Exchange.
“Trade would remain stable in the short- to medium-term ahead the end of the ongoing cotton season.”
The commodity is trading at a minimum price of Rs5,250 per maund (37.324 kilogram) and a maximum of Rs6,200 per maund at the open market.
The Karachi Cotton Exchange (KCE), however, kept its spot rate unchanged for the third consecutive day at Rs6,000 per maund.
Spinning mill-owners bought around 23,400 bales against 23,600 bales bought a day ago, according to the KCE.
Rahim Yar Khan witnessed highest trade of 4,000 bales at Rs6,100 per maund followed by Hasilpur, which traded 3,600 bales at Rs5,900-5,950 per maund.
Khairpur / Upper Sindh (BCI), Uch Sharif, Bahawalpur, Dera Ghazi Khan, Mianwali and SDK also traded significant number of bales at Rs5,900-6,200 per maund, it added.
The broker said that price and trade turnover of cotton would remain stable due to almost no exports of the commodity from Pakistan these days. “The time of exporting cotton from Pakistan is over now for the season as Indian cotton has arrived at the world markets. This will be followed by the United States production and arrival of the commodity very soon,” he said.
March futures contract fell by 0.16 cents per pound to 75.89 cents at New York cotton market. May futures contract declined by 0.11 cents per pound to 76.62 cents at the same market, reported KCE.
Courtesy: The NEWS