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Business

February 9, 2018

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Cotton slips

Karachi : Dull trading activity continued at the Karachi Cotton Exchange on Thursday, while spot rates decreased Rs100/maund.

The spot rates dropped to Rs7,000/maund (37.324kg) and Rs7,502/40kg. Ex-Karachi rates also decreased to Rs7,145/maund and Rs7,657/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said cotton trade was under stress, as prices declined amid lower demand. “Prices of cotton yarn are also low and spinners too are facing losses, as they had purchased cotton on higher rates,” he added.

A total of eight transactions of around 9,000 bales were recorded at a price of Rs6,200/maund to Rs7,200/maund. Deals were reported from Khanpur, Ghazi Ghat, Rahimyar Khan, Multan, Mianwali, Haroonabad, Chichawatni and Shujaabad.

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