Cotton unchanged

Karachi :Trading activity slightly improved at the Karachi Cotton Exchange on Saturday, while spot rates remained unchanged.

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

Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that the textile sector is under stress, including factories, spinners, ginners and growers. “Cotton yarn market is facing decline in demand and prices, which has affected the cotton prices, as well,” he added. “A cut in taxes on import of cotton also affected the local market.”

The cotton market recorded eight transactions of around 9,000 bales at a price of Rs6,000 to Rs7,200/maund. Deals were recorded from Dadu, Rahimyar Khan, Hasilpur, Bhakar, Noorpur Noranga, Khanewal, Haroonabad and Layyah.