Cotton unchanged

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

The spot rates stood firm at Rs7,600/maund (37.324kg) and Rs8,145/40kg. Ex-Karachi rates also remained unchanged at Rs7,745/maund and Rs8,300/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that trade activity remained low because of rain in Punjab and deteriorated quality of crop in Sindh. Some ginning factories in Punjab have also started their operations partially. “Rain will provide benefit to the existing crop,” he added.

Karachi cotton market recorded only two transactions of around 700 bales. Of these, 200 bales of Rahimyar Khan were sold at Rs7,000/maund and 642 bales from Sadiqabad exchanged hands at Rs7,375/maund.