Cotton stable
Karachi
Active trading continued at the Karachi Cotton Exchange on Saturday, while spot rates remained unchanged.
The spot rates remained firm at Rs5,950/maund (37.324kg) and Rs6,377/40kg. Ex-Karachi rates also stood unchanged at Rs6,095/maund and Rs6,532/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively. An analyst said cotton prices fall Rs600 to Rs700/maund that has raised concerns among ginners and growers.
KCE recorded 23 transactions of around 20,000 bales at a price in between Rs5,800 to Rs6,075/maund. Transactions were recorded from Mirpurkhas, Sanghar, Hyderabad, Kotri, Shahdadpur and Tando Adam in Sindh, while Mian Channu, Pakpattan, Hasilpur, Taunsa Sharif, Burewala, Sahiwal, Khanewal, Multan, Chichawatni and other cities from Punjab. NY cotton market recorded an increase on all its futures. October futures rose 0.34 cents/pound to 67.79 cents/pound and December futures increased 0.37 cents to 67.28 cents/pound.
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