Cotton unchanged

Karachi : Dull trading activity prevailed at the Karachi Cotton Exchange on Friday, while spot rates remained unchanged.

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

An analyst said yarn prices are down, some looms are closing their operations in Faisalabad. “International market is also down along with the local market. Big mills are on the sidelines from buying,” he added. “Downfall in prices is likely to continue in the coming days.”

A total of three transactions of around 5,000 bales were recorded at a price of Rs6,400/maund to Rs7,000/maund. Deals were reported from Rahimyar Khan, Khanpur and Faqeerwali.