Cotton declines

Normal cotton trade continued at the Karachi Cotton Exchange on Thursday, while spot rates decreased Rs50/maund.

The spot rates fell to Rs6,000/maund (37.324kg) and Rs6,430/40kg.

Ex-Karachi rates also dropped to Rs6,140/maund and Rs6,585/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said prices fell because of a decline in demand, while cotton arrivals would increase after October 15, which would further decrease the prices.

A total of 19 transactions were recorded of around 21,000 bales at a price of Rs5,850 to Rs6,200/maund. Notable deals were recorded from Shahdadpur, Nawabshah, Khairpur, Rohri and Saleh Pat in Sindh, while Layyah, Mianwali, Lodhran, Burewala, Vehari, Shujabad and Bahawalpur in Punjab.