Cotton unchanged

By our correspondents
May 25, 2017

Karachi

Slow trading was witnessed at the Karachi Cotton Exchange on Wednesday, while spot rates remained unchanged.

The spot rates stood firm at Rs6,750/maund (37.324kg) and Rs7,234/40kg. Ex-Karachi rates also remained unchanged at Rs6,885/maund and Rs7,379/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.

An analyst said slow trading is likely to continue, as majority of mills had closed their operations because of the off season.

“Around 200,000 bales are lying with the ginners that would end up soon,” he added.

The cotton market recorded only one transaction of 2,000 bales from Shujabad at the rate of Rs6,900/maund.

Pakistan has made registrations of 135,879 bales from 2015/16 and 2016/17 crops during the period August 1, 2016 till May 7, 2017.

During this period a total of 115,116 bales were shipped.