Cotton unchanged

Karachi : Slow trading was recorded at the Karachi Cotton Exchange on Thursday, while spot rates remained unchanged.

The spot rates remained unchanged at Rs7,000/maund (37.324kg) and Rs7,502/40kg. Ex-Karachi rates also stood firm at Rs7,145/maund and Rs7,657/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said prices remained firm in the market, while some deals were made at Rs7,700/maund after market closing time, which were highest in the last six years. “Demand of quality lint is likely to continue, as imports from India were certain after price increase over there. Besides, Indian cotton quality was affected,” he added. The cotton market recorded only 10 transactions of around 1,500 bales at a price of Rs6,300 to Rs7,500/maund. Notable transactions were recorded from Daharki, Ghotki, DG Khan, Jahanian, Faqirwali, Haroonabad and Bahawalnagar.