Cotton stable

Karachi

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

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

An analyst said the activity remained dull because of the monsoon rains in the cotton growing areas of Sindh and Punjab. “The activity might remain slow in the coming days, as well, as more rains are predicted,” he added. Cotton market recorded only single transaction of 200 bales of Sanghar at Rs6,300/maund. New York cotton market witnessed a decrease on all its futures. October futures decreased 0.10 cents to 68.76 cents/pound and December futures dropped 0.11 cents to 68.11 cents/pound.