Karachi
No transaction was recorded at the Karachi Cotton Exchange on Wednesday, while spot rates remained unchanged.
The spot rates stood unchanged at Rs6,650/maund (37.324kg) and Rs7,127/40kg. Ex-Karachi rates also remained firm at Rs6,785/maund and Rs7,272/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.
An analyst said the new season has started in June, against the expectations of start in July, and around 5,000 bales have been ginned so far. Slow activity remained in the market because buyers remained on the sidelines, while the activity is likely to increase after Eid holidays. Pakistan has registered 136,877 bales for exports from 2015/16 and 2016/17 crops during the period August 1, 2016 till May 23, 2017. During this period, a total of 115,800 bales of both the crops were shipped.
