Cotton unchanged

Karachi: Trading improved at the Karachi Cotton Exchange on Monday, 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.

An analyst said deals were recorded from Punjab only, as Sindh ginners were having quality lint and they remained on the sidelines and expecting prices to further go up in the coming days.

A total of six transactions were recorded of around 15,000 bales at a price of Rs6,800 to Rs8,075/maund. Notable deals were reported from Rahimyar Khan, Sadiqabad, Khanewal, Garamore, Maroot and Fort Abbas. “Prices might increase, as buyers had not received incentives on import of cotton and they were looking behind the local lint,” the analyst said.