Cotton stable

Karachi

axvSlow trading continued at the Karachi Cotton Exchange on Thursday, 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 new crop would be available after three months with lots arriving from Sindh in July, while Punjab would be late because of the late sowing. “The government is trying to boost up the cotton crop by discouraging other crops in the cotton belts,” he added.

KCE recorded only three transactions of 1,600 bales at the rates in between Rs6,800 and Rs7,000/maund. Faqirwali’s 1,000 bales were sold at Rs6,800/maund, 200 bales of Khanewal at Rs6,825/maund and another deal of 400 bales of Khanewal exchanged hands at Rs7,000/maund.