Cotton improves

Karachi

Trading activity improved at the Karachi Cotton Exchange (KCE) on Monday, while spot rates rose Rs50/maund.

The spot rates increased to Rs6,500/maund (37.324kg) and Rs6,966/40kg. Ex-Karachi rates also rose to Rs6,635/maund and Rs7,111/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.

An analyst said the prices were high in the market, which resulted in an increase in the spot rates. Though sale of yarn had declined in the local market, which had an impact on lifting of cotton, lint prices increased because of having a very little quantity left with the ginners, he said.

Imposition of regulatory duty on fine yarn had little impact at the local market, as it was used by big mills in the value-added exports, as value addition does not come under regulatory duty,” he added.

KCE recorded domestic transactions of around 12,000 bales.