Cotton down

Karachi

Slow trading was recorded at the Karachi Cotton Exchange on Thursday, while spot rates decreased Rs50/maund.

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

Textile industry federal secretary said Pakistan’s cotton production is likely to increase this year, as Punjab is successful in increasing the area under cultivation by 24 percent.

Sindh kept its cultivation area intact despite an increase in sugar mills, while cotton is being produced in Balochistan and Khyber-Pakhtunkhwa, as well.

KCE recorded four transactions of 1,700 bales from the new crop at a price of Rs6,350 to Rs6,650/maund. Trading included 1,000 bales from Shahdadpur, 400 bales from Tando Adam, 200 bales from Hyderabad and 100 bales from Burewala.