- KCA spot rate: Rs 17,800 per maund
- Unchanged from the latest official session
- Market remained stable and trading volume remained moderate
- Rates are indicative
KARACHI: The cotton rate in Pakistan holds at Rs 17,800 per maund today after a steady Wednesday session.
The Karachi Cotton Association kept its official spot rate unchanged after the Wednesday trading session. Cotton Analyst Naseem Usman told Business Recorder that the local cotton market remained stable and the trading volume remained moderate.
The Wednesday session figures were published on Thursday morning. The rate is unchanged from the previous cotton rate of Rs 17,800 per maund recorded on 10 November.
The official spot rate table shows an ex-gin price of Rs 17,800 and an ex-Karachi rate of Rs 18,080 after upcountry expenses of Rs 280, unchanged from the 10 November session.
Usman said the rate of cotton in Sindh is in between Rs 15,500 to Rs 18,500 per maund. In Sindh, the cotton rate in Pakistan today per 40 kg stands between Rs 7,000 and Rs 8,500 for phutti.
In Punjab, cotton rates stand between Rs 15,500 to Rs 18,500 per maund, with phutti fetching between Rs 7,000 to Rs 9,200 per 40 kilograms. The rate of cotton in Balochistan is Rs 17,500 per maund.
Cotton arrivals at ginning factories reached 4,742,630 bales as of 31 October, up 6.88 per cent on last year. Textile mills showed little appetite for cotton as groups turned to imports, while New York futures traded between 78 and 83 US cents per pound.
According to the Karachi Cotton Association, the spot rate is the benchmark for Grade 3 cotton. Rates are indicative and may vary across stations and qualities.
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