Cotton improves

Karachi

Slow trading was witnessed at the Karachi Cotton Exchange on Wednesday, while spot rates increased Rs100/maund.

The spot rates rose to Rs6,300/maund (37.324kg) and Rs6,752/40kg. Ex-Karachi rates also increased to Rs6,435/maund and Rs6,897/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.

An analyst said monsoon rains in the cotton growing areas of Sindh and Punjab have slowed down the arrivals, which might further affect the prices, as demand increased.

KCE recorded trade of 1,400 bales from six stations in between Rs6,300/maund to Rs6,520/maund.

Trade was recorded from Shahdadpur, Mirpurkhas, Jamsabad and Golarchi in Sindh, while two stations of Punjab, Chichawatni and Burewala, also entered in the market with the new crop.