Cotton stable
Karachi : Dull trading was witnessed at the Karachi Cotton Exchange on Friday, while spot rates remained unchanged.
The spot rates remained unchanged at Rs6,900/maund (37.324kg) and Rs7,395/40kg. Ex-Karachi rates also stood firm at Rs7,045/maund and Rs7,550/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
An analyst said decline in trading activity showed that the traders remained on the sidelines.
“The only traded lot received lower rates, which might affect the prices downwards and spot rates to come down in the coming days,” he said.
“Besides cotton prices, yarn prices are also depressed. Thus, spinners are not entering in buying at higher rates.”
The Karachi cotton market recorded only one transaction of 550 bales from Nawabshah at Rs6,000/maund.
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