Cotton stable

Karachi

Slow trading activity prevailed at the Karachi Cotton Exchange on Saturday, while spot rates remained firm.

The spot rates remained firm at Rs6,650/maund (37.324kg) and Rs7,127/40kg. Ex-Karachi rates also remained unchanged at Rs6,785/maund and Rs7,272/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.

Naseem Usman, Chairman of the Karachi Cotton Brokers Association, said that the mills showed a decline in interest for lint buying, which resulted in drop in cotton price for individual deals, while the spot rates remained firm.

During the week, he said, cotton from Sindh was sold at Rs6,400 to Rs6,850/maund, while lint from Punjab exchanged hands at Rs6,500 to Rs6,950 during the outgoing week.

KCE recorded only two transactions of around 5,000 bales from Sanghar and Rahimyar Khan at the rate of Rs6,850 to Rs6,950/maund.