Karachi : Dull trading was recorded at the Karachi Cotton Exchange on Wednesday, while spot rates decreased Rs100/maund.
The spot rates decreased to Rs7,600/maund (37.324kg) and Rs8,145/40kg. Ex-Karachi rates also fell to Rs7,745/maund and Rs8,300/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
An analyst said the arrival of quality lint has declined, as lots from Sindh have slowed down, while quality of cotton from Punjab deteriorated this year. “After a cut in sales tax and Customs duty, buyers are looking for the imported lots,” he added.
A total of four transactions were recorded of 2,000 bales only. Fort Abbas 400 bales were sold at Rs6,800/maund, 600 bales of Layyah at Rs6,550, 400 bales of Vehari at Rs6,400 and 600 bales of Rajanpur were sold at Rs7,200/maund.
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