“Cotton crossed Rs6,200 per maund at the open markets in Pakistan after a gap of almost six weeks,” said Shakil Ahmed, a broker at the KCE. “Increase in the local markets is seen due to rising trends at NYCM.”

Earlier, the KCE kept its spot rate unchanged for seven consecutive days at Rs5,850 per maund.

The broker said that if New York cotton market crosses 80 cents per pound then the local markets would see a jump in cotton prices. “March futures contract was trading at 76.60 cents per pound at NYCM, and if it crosses 80 cents per pound, then India might cancel its export orders to Pakistan. The situation would cause an increase in the commodity price at the local markets.”

The minimum price of cotton increased to Rs5,850 per maund from Rs5,300 on Saturday. Similarly, the maximum price improved to Rs6,200 per maund from Rs6,100.

Spinning mill-owners bought around 25,600 bales against 14,500 bales bought on Saturday, according to the KCE.

Rahim Yar Khan witnessed highest trade of 7,000 bales at Rs6,100 per maund followed by Upper Sindh (BCI), which traded 4,600 bales at Rs6,200 per maund.

Bahawalpur, Layyah, Noorpur (BCI), Fazilpur, Rajanpur and Mianwali traded significant number of bales at Rs5,900-6,200 per maund, it added.

The broker said that continuous depreciation in the rupee against the dollar may also increase the commodity price at the open markets. “The rupee is trading at 98.10 against the dollar and if the trend continues in the interbank market, then it will make imports expensive and convince the mill-owners to buy the commodity from the local markets instead.

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