Cotton down

Karachi :Normal cotton trading was recorded at the Karachi Cotton Exchange on Wednesday, while spot rates decreased Rs50/maund.

The spot rates fell to Rs6,400/maund (37.324kg) and Rs6,859/40kg. Ex-Karachi rates also decreased to Rs6,545/maund and Rs7,014/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said poor quality cotton has started arriving in the market, which resulted in a decline in spot rates for the second consecutive day. “Majority of the buyers have built up their stocks, so they are not in a position to offer higher rates to the new arrivals,” he added.

A total of 26 transactions were recorded of around 22,000 bales at a price of Rs6,000 to Rs6,700/maund. Notable deals were recorded from Shahdadpur, Ghotki, Rohri, Khairpur, Rahimyar Khan, Sadiqabad, Jalalpur, Chistian and Layyah.