Cotton declines

Karachi

Active trading continued at the Karachi Cotton Exchange on Wednesday, while spot rates fell Rs50/maund.

The spot rates decreased to Rs6,200/maund (37.324kg) and Rs6,645/40kg. Ex-Karachi rates also dropped to Rs6,345/maund and Rs6,800/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively. An analyst said an increase in the arrivals resulted in decline in prices.

KCE recorded 23 transactions of around 20,000 bales at a price of Rs6,100 to Rs6,350/maund. Transactions were recorded from Mirpurkhas, Sanghar, Hyderabad, Kotri, Shahdadpur, Tando Adam, Maqsoodo, Hala, Kot Ghulam Mohammad, Sinjhoro, Bakhar, Hasilpur, Sahiwal, Chishtian, Jahanian, Arifwala, Haroonabad, Bahawalnagar, Chichawatni, Burewala, Samundri and Mongi Bangla.