Cotton rises

Karachi

Normal trading was witnessed at the Karachi Cotton Exchange on Friday, while spot rates increased Rs50/maund.

The spot rates rose to Rs6,100/maund (37.324kg) and Rs6,537/40kg. Ex-Karachi rates also increased to Rs6,245/maund and Rs6,692/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said prices remained tight in the market, as supply reduced. “Picking of seed-cotton is low because of heat, which has reduced the supply,” he added. Seed-cotton is available at Rs2,800 to Rs3,050 in the market. A total of 22 transactions were recorded of around 18,000 bales at a price of Rs5,900 to Rs6,300/maund. Among them, notable deals were recorded from Tando Adam, Shahdadpur, Nawabshah, Saleh Pat, Khairpur, Haroonabad, Faqirwali, Chistian, Burewala, Khanewal, Khanpur and Rajanpur.