Cotton down

Karachi

Cotton arrivals increased at the Karachi Cotton Exchange on Thursday, while spot rates decreased Rs100/maund.

The spot rates dropped to Rs6,100/maund (37.324kg) and Rs6,537/40kg. Ex-Karachi rates also decreased to Rs6,245/maund and Rs6,692/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said an increase in the arrivals resulted in a decline in lint prices. “International market is also under pressure,” he added.

KCE recorded 23 transactions of around 25,000 bales at a price of Rs5,900 to Rs6,250/maund. Transactions were recorded from Mirpurkhas, Sanghar, Hyderabad, Kotri, Shahdadpur, Tando Adam, Nawabshah, Jhang, Bhakkar, Khanewal, Haroonabad, Bahawalnagar, Burewala, Chichawatni, Vehari, Sahiwal, Hasilpur, Kassowal, Mian Channu, Mongi Bangla, Jehanian, Arifwala and Pakpattan.