Cotton stable

Karachi: Active trading continued at the Karachi Cotton Exchange on Tuesday, while spot rates remained unchanged.

The spot rates stood unchanged at Rs6,000/maund (37.324kg) and Rs6,430/40kg. Ex-Karachi rates also remained firm at Rs6,145/maund and Rs6,585/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively. An analyst said cotton crop in the world and Pakistan is expected to remain higher this year, while prices in the local market are likely to remain under pressure. A total of 23 transactions were recorded of around 17,000 bales at a price of Rs5,900 to Rs6,250/maund. Noted deals were recorded from Nawabshah, Sanghar, Mirpurkhas and Khairpur in Sindh and Lodhran, Vehari, Dera Ghazi Khan, Alipur, Khanewal and Rajanpur in Punjab. New York cotton market recorded an increase on all its futures. October futures rose 0.28 cents to 70.41 cents/pound and December futures increased 0.43 cents to 69.50 cents/pound.