Cotton firm

Karachi

No trading activity was recorded at the Karachi Cotton Exchange for the second consecutive day on Saturday, while spot rates remained firm.

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 trading was low at the market, as cotton stocks almost ended. However, shortage of crop against the consumption demand in the local market kept the prices firm.

Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that the trading activity remained low because of situation of textile sector, whose billions of rupees were stuck with the government under the sales tax refunds.

“Buyers are not available in the market despite very little stocks, which have made ginners concerned, as cotton weight was being reduced amid hot temperature,” he added.