Cotton stable

Cotton trading remained suspended on Monday because of unrest in the city due to a sit-in by a religious organisation, while spot rates remained firm.
The spot rates stood unchanged at the previous levels of Rs6,600/maund (37.324kg) and Rs7,073/40kg. Ex-Karachi rates also remained firm at Rs6,745/maund and Rs7,228/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that the market activity was down, but rates would remain steady because of a shortage in the crop. “Market will remain steady,” he added.
Import deals for 1.8 million bales have been finalised and around 600,000 bales have arrived. A total of 1.3 million bales will be imported from the US alone, which will reach by January and February. The remaining lots have been imported from Brazil, South Africa and the Middle East, he said.