Cotton unchanged

Karachi

Dull trading was recorded at the Karachi Cotton Exchange on Friday, while spot rates remained unchanged.

Spot rates remained unchanged at Rs6,800/maund (37.324kg) and Rs7,288/40kg. Ex-Karachi rates also stood firm at Rs6,935/maund and Rs7,433/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.

An analyst said slow activity was recorded in the market because of the end of the season, while traders are ready to embrace the new crop, whose scattered picking or harvesting has started in some areas of Sindh. “However, major activity is likely to start after Eid,” he said.

Karachi Cotton Exchange recorded only two transactions of around 850 bales amid price of Rs6,800 to Rs7,000/maund. Faqirwali’s 632 bales were sold at Rs6,80/maund and 200 bales of Shahdadpur exchanged hands at Rs7,000/maund.