Cotton down

Karachi

Activity slowed down at the Karachi Cotton Exchange on Saturday, while spot rate decreased Rs50 a maund.  

Spot rate fell to Rs6,750/maund (37.324 kg) and Rs7,234/40-kg. Ex-Karachi rates also decreased to Rs6,885/maund and Rs7,379/40-kg after addition of Rs135 and Rs145 as upcountry expenses, respectively.

Naseem Usman, chairman Karachi Cotton Brokers Association, said ginners were left with only a little stock of 400,000 bales while new crop sowing was likely be affected by shortage of irrigation water in the country during the season.

He said active trade was witnessed during the week, as spinners came for purchased due to reduction in stocks, while ginners came for selling as weight of lint decreases in summer.

Karachi Cotton Exchange recorded four transactions of 1,200 bales from Jahanian, Liaquatpur, Bahawal Nagar and Faqirwali at a price of Rs5,750 to Rs6,900/maund.