Cotton falls

Karachi

Active trading was witnessed at the Karachi Cotton Exchange on Tuesday, while spot rates fell Rs50/maund.

The spot rates decreased to Rs6,250/maund (37.324kg) and Rs6,698/40kg. Ex-Karachi rates also dropped to Rs6,395/maund and Rs6,853/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said the ginners had oversold lint in the market on the hopes for bringing the cottonseed prices down that would ultimately benefit them.

“US market also remained down, amid report of the USDA that there would be an increase in the production in the US,” he added. KCE recorded 11 transactions of around 15,000 bales at a price of Rs6,225 to Rs6,400/maund. Transactions were recorded from Mirpurkhas, Sanghar, Hyderabad, Kotri, Shahdadpur, Tando Adam, Qaboola, Burewala, Sahiwal, Khanewal and Chichawatni.