Cotton surges

Karachi: Normal trading was recorded at the Karachi Cotton Exchange on Wednesday, while spot rates increased Rs100/maund.

The spot rates increased to Rs6,800/maund (37.324kg) and Rs7,288/40kg. Ex-Karachi rates also rose to Rs6,945/maund and Rs7,443/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said despite a decrease in the US market, the spot rates increased in the local market after receiving huge demand, as imports have become difficult after the rupee depreciation. “Demand of the local lint has surged after the rupee depreciation,” he added.

A total of 18 transactions were recorded of around 21,000 bales at a price of Rs6,200 to Rs7,250/maund. Notable deals were recorded from Daharki, Saleh Pat, Rohri, Shahdadpur, Sanghar, Khairpur, Khanpur, Rahimyar Khan and Hasilpur.