Cotton unchanged

Karach: Active trading was recorded at the Karachi Cotton Exchange on Saturday, while spot rates remained unchanged.

The spot rates stood unchanged at Rs5,950/maund (37.324kg) and Rs6,377/40kg. Ex-Karachi rates also remained firm at Rs6,095/maund and Rs6,532/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said the world’s cotton crop is expected to remain higher this year, while prices in the local market are likely to remain under pressure because of troubled situation of the textile sector in the country. A total of 23 transactions were recorded of around 20,000 bales at a price of Rs5,850 to Rs6,150/maund. Noted deals were recorded from Nawabshah, Sanghar, Tando Adam, Shahdadpur, Saleh Pat and Hyderabad from Sindh, while Rajanpur, Burewala, Haroonabad and Chichwatni from Punjab.