Cotton up

Karachi: Cotton trading slowed down in Karachi Cotton Exchange on Thursday while spot rate increased Rs50 a maund. Spot rate rose to Rs6,850/maund (37.324 kg) and Rs7,341/40-kg. Ex-Karachi rates also increased to Rs6,995/maund and Rs7,496/40-kg after addition of Rs145 and Rs155 as upcountry expenses, respectively.

One analyst said demand of local cotton increased in the market due to rupee depreciation, as import has become costly. A total of 16 transactions of around 12,000 bales at a price of Rs6,200 to Rs7,300 a maund were recorded.

Notable deals were recorded from Saleh Pat, Rohri, Khairpur, Rahimyar Khan, Khanpur, Sadiqabad, Hasilpur, Haroonabad, Fort Abbas and Burewala. New York Cotton Market witnessed an increase on all its futures on Wednesday. March futures rose 1.22 cents and May futures increased 1.02 cents/pound to 74.13 cents and 74.55 cents/pound, respectively. 