Cotton firm

Karachi : Dull trading was witnessed at the Karachi Cotton Exchange on Saturday, 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.

Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that with the announcement of a cut in Customs duty and sales tax, prices of local lint decreased, while with no implementation on such orders, prices remained firm. “Imported lint is stuck at the port,” he added. A total of nine transactions were recorded of around 4,500 bales at a price of Rs6,500 to Rs8,000/maund. Notable deals were reported from Ghotki, DG Khan, Liaquatpur, AP East, Maroot, Gojra, Kichiwala, Burewala and Layyah.