Cotton firm

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

The spot rates stood firm at Rs6,375/maund (37.324kg) and Rs6,832/40kg. Ex-Karachi rates also remained unchanged at Rs6,510/maund and Rs6,977/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.

An analyst said after abolition of four percent regulatory duty on cotton import, a large number of millers are waiting for the imported lint, as very little quantity is left out in the country.

KCE recorded domestic transactions of around 2,500 bales in Rs6,400/maund to Rs6,700/maund.

Rahim Yar Khan and Khanewal’s 600 bales each were sold at Rs6,700/maund, while 800 bales of Haroonabad exchanged hands in Rs6,550 to Rs6,600/maund and 400 bales of Hasilpur were sold at Rs6,400/maund.