Cotton firm

Karachi

Dull trading continued at the Karachi Cotton Exchange on Monday, while spot rates remained unchanged.

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 the market activity remained slow because big mills received imported cotton, while small factories purchased from the local ginners. However, US, China and Indian markets were going up, he added.

Ginners have very little quantity of lint, while the season is nearing close, he said.

However, prices would unlikely to shuffle, as mills still need cotton to fulfill requirements.

KCE recorded transaction of around 2,000 bales from Bahawalpur at the rate of Rs6,950/maund.