Cotton stable

KarachiSlow trading was witnessed at the Karachi Cotton Exchange on Monday, while spot rates remained unchanged.

The spot rates remained unchanged at Rs6,750/maund (37.324kg) and Rs7,234/40kg. Ex-Karachi rates also stood firm at Rs6,885/maund and Rs7,379/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.

An analyst said the cotton demand had increased in the world because of an increase in consumption, which led even a large cotton producer India to import the lint.“A giant cotton exporter like India is going to import the lint to fulfil its industry demand,” he added.

The preparations for new crop in Pakistan are at a higher level with sowing starting in Sindh, but water scarcity might affect the production of the crop.KCE recorded only two transactions of around 4,000 bales in between Rs6,900/maund to Rs6,975/maund.