By Karachi
Cotton arrivals increased at the Karachi Cotton Exchange on Wednesday, while spot rates remained unchanged.
The spot rates stood firm at Rs6,000/maund (37.324kg) and Rs6,430/40kg. Ex-Karachi rates also remained stable at Rs6,145/maund and Rs6,585/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
An analyst said further increase in the cotton arrivals is expected, as the crop harvest is at full swing in Punjab. “Prices might come under pressure in the coming days,” he added.
A total of 29 transactions were recorded of around 28,000 bales at a price of Rs5,875 to Rs6,250/maund.
Notable deals were recorded from Tando Adam, Sanghar, Shahdadpur, Nawabshah, Khairpur, Rohri and Saleh Pat in Sindh and Haroonabad, Hasilpur, Fort Abbas, Burewala, Ahmedpur, Chichawatni and Mian Channu in Punjab.
Sheikh argued that the government should have maintained stable petroleum prices
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