Cotton firm

Karachi : Normal trading was witnessed at the Karachi Cotton Exchange on Friday, while spot rates remained unchanged.

The spot rates 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 an addition of Rs145 and Rs155 as upcountry expenses, respectively.

“Market is again going to be high,” a trader said. “Sales tax and Customs duty incentives are yet to reach buyers, as no notification is yet been issued,” he added.

He said 10,000 bales from India are lying at the port, but buyers are waiting for incentives.

A total of nine transactions were recorded of around 15,000 bales at a price of Rs5,500 to Rs8,000/maund. Notable deals were recorded from Sakrand, Karachi, Rahimyar Khan, Fazilpur, Sadiqabad, Jalalpur, Uch Sharif, Yazman Mandi and Fort Abbas.