Karachi : Trading activity slowed down at the Karachi Cotton Exchange on Tuesday, while spot rates increased Rs200/maund.
Karachi Cotton Association increased the official spot rates to Rs8,800/maund (37.324kg) and Rs9,431/40kg. Ex-Karachi rates also rose to Rs8,945/maund and Rs9,586/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
An analyst said prices increased because of the rupee depreciation along with an increase in the demand for quality lint.
Karachi cotton market recorded only five transactions at the rate of Rs9,000/maund, which is the highest in eight years. Of these, 400 bales were sold from Shahdadpur and 600 bales from Tando Adam, while 200 bales each from Hyderabad, Kotri and Burewala exchanged hands in the market.
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