Cottonunchanged

Karachi : Dull trading was recorded at the Karachi Cotton Exchange on Tuesday, 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 the market is trading low with lesser quantities at lower rates. “Yarn prices are down so that mills are on the sidelines, while big mills are importing,” he said. “Prices are likely to remain under pressure in the market for some time.” A total of seven transactions of around 5,000 bales were recorded at a price of Rs6,185/maund to Rs7,200/maund. Deals were reported from Khanpur, Feroza, Lodhran, Haroonabad, Chistian, Yazman and Fort Abbas.