Cottonunchanged

The Karachi Cotton Exchange witnessed slow trading on Wednesday, while spot rates remained firm.

The spot rates remained firm at Rs6,650/maund (37.324kg) and Rs7,127/40kg. Ex-Karachi rates also did not change at Rs6,785/maund and Rs7,272/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively. An analyst said slow trading activity prevailed at the cotton exchange, as prices were too high. “At the level of 7,000 or above price for a maund of cotton, mills don’t find yarn buyers,” he added.

He said big mills had imported lint, which has started arriving, while small players are waiting for the local market to come down, which is unlikely to fell because ginners were left with very little lots of cotton. KCE recorded four transaction or around 6,000 bales at the rate of Rs6,850 to Rs7,050/maund.