Karachi
Slow trading was witnessed at the Karachi Cotton Exchange on Saturday, while spot rates decreased Rs50/maund.
The spot rates fell to Rs6,700/maund (37.324kg) and Rs7,180/40kg.
Ex-Karachi rates decreased to Rs6,835/maund and Rs7,325/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.
Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that the interest of buyers and sellers remained low in the market, which resulted in a very slow trading.
“Slow trading is the cause of slow activity in the global textile markets,” he added.
He said the new crop would enter the market after three months, while only 250,000 bales were available with the ginners.
New York cotton market recorded mixed trend on all futures.
May futures decreased 1.08 cents to 78.99 cents/pound, while July futures rose 0.22 cents to 79.99 cents/pound.
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