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Business

May 20, 2017

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Cotton declines

Cotton declines

Karachi

Slow trading was recorded at the Karachi Cotton Exchange on Friday, while spot rates decreased Rs50/maund.

The spot rates reduced to Rs6,800/maund (37.324kg) and Rs7,288/40kg. Ex-Karachi rates also decreased to Rs6,935/maund and Rs7,433/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively. An analyst said the spot rates reduced that increased Thursday on a deal of higher price.

“World prices are coming down with the US huge decline during the week, while China was also declining,” he said. “Our local market would also reflect the international market.”

 “Pakistan is going to set support price of cottonseed at Rs3,000/maund to increase the production,” he added. The cotton market recorded only one transaction of 803 bales from Khanewal, which exchanged hands at Rs7,000/maund.

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