Cotton unchanged

Karachi : Dull trading continued at the Karachi Cotton Exchange on Saturday, while spot rates remained unchanged.

The spot rates stood firm at Rs7,300/maund (37.324kg) and Rs7,823/40kg. Ex-Karachi rates also remained unchanged at Rs7,445/maund and Rs7,978/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

Naseem Usman, chairman of the Karachi Cotton Brokers Association,

said that international cotton market is facing immense pressure after China imposed 25 percent duty on imports from the US.

“Prices of commodities are under stress globally, which also affected the cotton price,” he added.

Karachi cotton market recorded only two transactions of around 1,000 bales. Of these, 418 bales of Sadiqabad were sold for Rs7,600/maund and 600 bales of Khanewal exchanged hands at Rs6,250/maund.