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Pakistan cotton spot rate remains firm

Pakistan cotton spot rate remains firm Source:
Date: 02-12-2013
Visits: 236
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Active cotton trading continued at the local market on Wednesday, while spot rate remained unchanged, an analyst said.
Spot rate remained firm at Rs6,350 per maund (37.324kg) and Rs6,805 per 40kg, while ex-Karachi rate stood unchanged at Rs6,505 per maund and Rs6,960 per 40kg after addition of Rs155 as upcountry expenses.
A broker said that although the spot rate remained unchanged, individual deals received better prices because of improvement at New York cotton market.
New York cotton market recorded positive trend on Tuesday, where December futures increased by 0.89 cents to 77.85 cents per pound, while March futures improved by 0.68 cents to 79.14 cents per pound.
Karachi cotton market witnessed active trading of around 45,000 bales from 2013-14 crop, while prices remained between Rs5,400 and Rs6,600 per maund.
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