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Thursday March 28, 2024

Cotton steadies

By our correspondents
May 12, 2017

Karachi

Slow trading was witnessed 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 some activity was witnessed in the market, as needy mills entered into the market. “Around 200,000 bales are still lying with the ginners, which is a very little quantity and will be sold easily,” he added.

The cotton market recorded five transactions of 2,100 bales at a price in between Rs6,200 and Rs7,000/maund.

Chichawatni’s 200 bales were sold at Rs6,200/maund, 200 bales of Khanewal at Rs6,800, 400 bales of Rahimyar Khan at Rs6,975 and another 700 bales of Rahimyar Khan and 400 bales of Chani Goth exchanged hands at Rs7,000/maund.