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Business

July 18, 2017

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Cotton steadies

Cotton steadies

Karachi

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

The spot rates stood firm at Rs6,200/maund (37.324kg) and Rs6,645/40kg. Ex-Karachi rates also remained unchanged at Rs6,335/maund and Rs6,790/40kg after an addition of Rs135 an{C}d Rs145 as upcountry expenses, respectively. Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that trade remained slow because of rain in the country.

“Monsoon rains have been recorded from several cotton growing areas of Sindh and Punjab, which will delay the arrivals in the factories and a shortfall in trade is also expected,” he added. KCE recorded only two transactions of 800 bales, 400 each from Mirpurkhas and Tando Adam, Sindh at a price of Rs6,400/maund.

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