Cotton improves

Karachi: Cotton arrivals remained low at the Karachi Cotton Exchange on Monday, while spot rates increased Rs100/maund.
The spot rates rose to Rs6,500/maund (37.324kg) and Rs6,966/40kg. Ex-Karachi rates also increased to Rs6,645/maund and Rs7,121/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
A trader said demand increased in the market on the expectation of a decline in the production against target, which insisted buyers towards aggressing purchasing that resulted in increase in the spot rates.
A total of 19 transactions were recorded of around 10,000 bales at a price of Rs5,950 to Rs6,800/maund. Notable deals were recorded from Khairpur, Saleh Pat, Rohri, Dolatpur, Rahimyar Khan, Yazman, Sadiqabad and Burewala.