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Cotton prices stay firm on Karachi exchange
Mar '17
Spot cotton prices stayed firm on the Karachi Cotton Exchange on Monday. Trading activity remained dull as mill owners and spinners were not ready to pay higher prices while ginners were eager to sell at higher prices. Only one single transaction of 600 bales from Hyderabad at the price of Rs 6,350 per maund (37.324 kg) was recorded on the exchange.
The spot rates remained unchanged at Rs 6,750 per maund and Rs 7,234 for 40 kg. There was no change in Ex-Karachi rates also, and were same as previous week's Rs 6,885 per maund and Rs 7,379 for 40 kg after an addition of Rs 135 and Rs 145 as upcountry expenses, respectively.
During the trading session, some textile mills made 1-month forward deals for better grades of lint in the price range of Rs 6,625 per maund to Rs 6,675 per maund.
Meanwhile, Cotlook A index was around 84 cents per pound, while New York March 2017 Futures and May 2017 Futures stood at around 75 cents per pound and 75.60 cents per pound, respectively. (RKS)

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