Cotton unchanged

Karachi: Trading improved at the Karachi Cotton Exchange on Saturday, while spot rates remained unchanged.

The spot rates stood firm at Rs6,600/maund (37.324kg) and Rs7,073/40kg. Ex-Karachi rates also remained stable 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 (KCBA), said that due to low quality and higher prices of Indian lint, buyers are building stocks with the local lint. “Prices in the local market are likely to remain steady due to higher demand,” he added.

A total of 17 transactions were recorded of around 38,000 bales at a price of Rs6,400 to Rs7,000/maund. Notable deals were recorded from Daharki, Ghotki, Khairpur, Rohri, Rahimyar Khan, Khanpur, Sadiqabad, Kot Sabzal, Haroonabad, Marrot, Yazman and Chistian.