Cottonfirm

Karachi

The Karachi Cotton Exchange recorded dull trading on Monday, while spot rates remained unchanged.

The spot rates stood unchanged at Rs6,700/maund (37.324kg) and Rs7,180/40kg. Ex-Karachi rate also remained firm at Rs6,835/maund and Rs7,325/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.

An analyst said despite dull trading, chances were that the market will remain bullish in the coming days. There was shortage of crop against the consumption demand, duty was imposed on import of fine yarn, textile industry is giving package that encouraged them to buy and high prices in the international market, he added.

Cotton arrivals were recorded at 10.53 million bales till January 15, which is below the consumption demand of 14.5 million bales in the country. KCE recorded only one transaction of 600 bales from Rahimyar Khan at Rs6,900/maund.