Cotton stable

Karachi

Slow trading continued at the Karachi Cotton Exchange on Thursday, 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 trade would continue till July when the new crop is expected.

“Activity is likely to remain slow for a couple of months, as majority of the mills have gone off due to very little availability and high prices of cotton,” he said. “Activity will pick up in July.” The cotton market recorded only two transactions of 1,400 bales at Rs6,900 to Rs6,970/maund. Sadiqabad’s 1,000 bales were sold at Rs6,900/maund, while 400 bales of Noorpur Noranga exchanged hands at Rs6,970/maund.