Cotton improves

Karachi

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

The spot rates rose to Rs6,000/maund (37.324kg) and Rs6,430/40kg. Ex-Karachi rates also increased to Rs6,145/maund and Rs6,585/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said prices improved. Some mills were short of the stocks, they entered in the buying. However, “Market still remained under pressure because of an increase in arrivals, especially after cotton picking in Punjab,” he said. KCE recorded 19 transactions of around 25,000 bales at a price of Rs6,000 to Rs6,200/maund. Transactions were recorded from Mirpurkhas, Sanghar, Hyderabad, Kotri, Shahdadpur and Tando Adam in Sindh, while deals were made from Pakpattan, Khanewal, Bahawalpur, Burewala, Chichawatni, Mian Channu, Chistian, Haroonabad, Pir Mehal, Vehari, Gojra, Sahiwal and Jehanian.