Cotton unchanged

Karachi

Dull trading continued at the Karachi Cotton Exchange on Tuesday, 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 dull activity continued, as buyers still remained away from the market after yarn and fabric sales were not picking up in the international markets. Naseem Usman, chairman of the Karachi Cotton Brokers Association, predicted better cotton outlook ahead, as the Sindh government banned paddy in Sanghar, a cotton growing district, this year.

KCE recorded only two transactions of 1,100 bales in between Rs6,400 to Rs7,000/maund. Samundri’s 500 bales were sold at Rs6,400/maund and 600 bales of Rahimyar Khan exchanged hands at Rs7,000/maund.