Business
January 3, 2021
KARACHI: Cotton spot rate has reached to this season’s high of Rs10,200 per maund, taking cue from uptick in international prices, while laggard production estimate kept panic buying up, industry people said on Saturday.
Karachi Cotton Association’s spot rate committee increased the spot rate by Rs250 per maund to the highest spot rate of Rs10,200 per maund.
Price hike was also recorded in the international market, said Naseem Usman, chairman of Karachi Cotton Brokers Association. New York Cotton Market’s futures increased to 78 cents per pound, which is highest rate of the season.
US exports remained lower by 30 percent during the week. Dollar rate also decreased during the week. Cotton rates, however, increased despite of 25 December holiday, bank closing and threats of Covid-19, said Usman.