Cotton remains unchanged

Karachi : Trading improved at Karachi Cotton Exchange on Thursday while spot rate remained unchanged.

Spot rate stood firm at Rs7,600/maund (37.324kg) and Rs8,145/40kg. Ex-Karachi rates also remained unchanged at Rs7,745/maund and Rs8,300/40kg after addition of Rs145 and Rs155 as upcountry expenses, respectively.

One analyst said prices remained higher in December while rates have settled down in January. “After a cut in sales tax and custom duty, buyers are looking for the imports, as quality lint has almost ended in our country,” he said.

A total of 11 transactions were recorded of around 14,000 bales only at a price of Rs6,450 to Rs8,000 a maund. Deals were noted from Sadiqabad, Kahror Pakka, Haroonabad, Fort Abbas, Bahawal Nagar, Faqirwali, Chichawatni, Mianwali, Moongi Bangla, Bakhar and Layyah.