Karachi
Normal trading continued at the Karachi Cotton Exchange on Saturday, while spot rates increased Rs100/maund.
The spot rates rose to Rs6,850/maund (37.324kg) and Rs7,341/40kg. Ex-Karachi rates also increased to Rs6,985/maund and Rs7,486/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.
Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that around 100,000 bales are still left with the ginners and selected buying continued by the millers that resulted in an increase in the spot rate.
“New cottonseed will start arriving in the factories from June 15,” he added.
The cotton market recorded four transactions of around 2,500 bales at Rs6,900 to Rs7,090/maund. Deals were recorded from Multan, Noorpur Noranga, Yazman Mandi and Vehari.
