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Business

June 20, 2017

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Cotton falls

Cotton falls

Karachi

Dull trading prevailed at the Karachi Cotton Exchange on Monday, while spot rates decreased Rs50/maund, dealers said.

The spot rates fell to Rs6,650/maund (37.324kg) and Rs7,127/40kg. Ex-Karachi rates also dropped to Rs6,785/maund and Rs7,272/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.

Naseem Usman, chairman of the Karachi Cotton Brokers Association, said an increase in the arrivals of new crop is expected, while lint prices have come down by Rs600/maund in the last few weeks. Cotton market recorded only single transaction of 755 bales of Haroonabad at Rs6,900/maund.

Around eight ginning factories in Sindh’s cities Shahdadpur, Mirpurkhas, Sanghar, Tando Adam and Mirpur Bathoro has partially started operations and 4,000 bales have been ginned.

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