Cotton declines

Karachi

Cotton arrivals surged at the Karachi Cotton Exchange on Friday, while spot rates dropped Rs150/maund.

The spot rates dropped to Rs5,950/maund (37.324kg) and Rs6,377/40kg. Ex-Karachi rates also decreased to Rs6,095/maund and Rs6,532/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively. An analyst said prices are likely to remain under pressure for some time because of an increase in arrivals.

KCE recorded 28 transactions of around 35,000 bales at a price of Rs5,800 to Rs6,100/maund. Transactions were recorded from Mirpurkhas, Sanghar, Hyderabad, Kotri, Shahdadpur, Tando Adam, Nawabshah and other stations in Sindh, while Jhang, Bahawalnagar, Khanewal, Haroonabad, Burewala, Chichawatni, Vehari, Sahiwal, Hasilpur, Mian Channu, Pir Mahal, Pakpattan and other stations from Punjab.

New York cotton market recorded a mixed trend on its futures.