Cotton improves

Karachi

The Karachi Cotton Exchange recorded active trading on Wednesday, while spot rates increased by Rs50/maund.

The spot rates rose to Rs6,550/maund (37.324kg) and Rs7,020/40kg. Ex-Karachi rate also increased to Rs6,685/maund and Rs7,165/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.

An analyst said despite higher rates buyers entered in the market, as very little quantity was left with the ginners. Imported cotton is still not feasible for the local industry, as prices increased abroad. “Activity will further increase in the coming days,” he said.

KCE recorded domestic transactions of around 14,000 bales in between Rs5,500 to Rs7,000/maund.

Transactions were recorded from Sanghar, Rasoolabad, Rohri, Khairpur, Feroza, Khanpur, Liaquatpur, DG Khan, Haroonabad, Bahawalnagar, Faqeerwali, Layyah and Khanewal.