Cotton firm

Karachi : Dull trading continued at the Karachi Cotton Exchange on Wednesday while spot rate remained unchanged.

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

One analyst said activity and prices in the market are likely to remain dull, as buyers remained sidelined from the local market while arrival of imported lint continued.

A total of four transactions of around 8,000 bales were recorded at a price of Rs6,550/maund to Rs7,000/maund. Deals were registered from Daharki, Khanpur, Alipur and Khanewal.

New York Cotton Market recorded a mixed trend on its futures Tuesday. March futures dropped 0.07 cents to 76.38 cents/pound while May futures decreased 0.05 cents to 77.40 cents/pound.