Cotton firm

Karachi

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

The spot rates remained unchanged at Rs6,700/maund (37.324kg) and Rs7,180/40kg. Ex-Karachi rates also stood firm at Rs6,835/maund and Rs7,325/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.

An analyst said slow activity continued in the market, as buyers remained away from the market.

“Yarn and fabric sales are also down, so local millers are not buying the lint at higher quantity,” he said.

Only a few thousand bales remained with the ginners, while new crop was delayed due to water shortage. There was some rain in Punjab, which could affect the crop positively, he added. KCE recorded only two transactions of 1,000 bales at Rs7,000/maund. Bahawalpur’s 400 bales and Sadiqabad’s 600 bales were sold at Rs7,000/maund.