Cotton dips

Karachi: Dull trading was recorded at the Karachi Cotton Exchange on Monday, while spot rates decreased Rs100/maund.

The spot rates decreased to Rs6,900/maund (37.324kg) and Rs7,395/40kg. Ex-Karachi rates also fell to Rs7,045/maund and Rs7,550/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

Pakistan Cotton Ginners Association (PCGA) has recorded cotton arrivals of 11.48 million bales in the factories till February 15, 2018 as compared to 10.68 million bales last year. Of these, 216,615 bales were sold to exporters and 10.43 million bales to spinners. Total unsold stocks stood at 829,485 bales this year as compared to 760,966 bales unsold by this date. The cotton market recorded only two transactions of around 1,000 bales at a price of Rs6,200 to Rs6,400/maund. Deals were recorded from Rahimyar Khan and Fazilpur.