Cotton unchanged

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

The spot rates stood firm at Rs7,500/maund (37.324kg) and Rs8,038/40kg. Ex-Karachi rates also remained unchanged at Rs7,645/maund and Rs8,193/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that after issuance of an SRO regarding cut in the sales tax and Customs duty on cotton imports, buyers remained on the sidelines themselves from buying local cotton. “Prices of cotton and yarn in the local market have dropped,” he added. A total of four transactions were recorded of around 2,500 bales only at a price of Rs6,900 to Rs7,800/maund. Of these, 1,000 bales each were recorded from Rahimyar Khan and Haroonabad, 440 bales from Mianwali and 800 bales were traded from DG Khan.