KARACHI: Slight rate changes were witnessed in the cotton market amid moderate trading on Thursday. The official spot rate was unchanged at Rs 5,050 and around 22,000 bales of cotton changed hands at Rs 5000-5300. In Sindh, rates of seed cotton remained unchanged at Rs 1800 and Rs 2550, in Punjab prices were at Rs 2500 and Rs 2700.
The Karachi Cotton Association (KCA) spot rates were unchanged at previous level. The following major deals were reported to have changed hands on the ready counter: 3000 bales from station Khairpur done at Rs5000, 1000 bales from Ahmedpur done at Rs5200 to Rs5250, 1000 bales from Bahwalpur done at Rs5200 to Rs5250, 1000 bales from Yazman Mandi done at Rs5200 to Rs5275, 5000 bales from Khanewal done at Rs5250, 3000 bales from Kabirwala done at Rs5250, 2000 bales from Rajanpur done at Rs5250 to Rs5300, 1000 bales from Mianwali done at Rs5250 to Rs5275 and 800 bales from Fazilpur done at Rs5300.
The TCP has so far entered into purchase contracts for around 250,000 bales of quality lint from ginners. The TCP operations did initially helped cotton prices to stabilise but now influenced by falling world prices once again came under pressure.
