Cotton unchanged

Dull trading continued at the Karachi Cotton Exchange on Wednesday, while spot rates remained unchanged.

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

An analyst said trade activity remained slow in the local market, as big buyers depend on imports. “Around 2.5 million bales would be imported, while production of 11.5 million bales is expected,” he added.

Only three transactions of around 4,000 bales were recorded at a price of Rs7,000 to Rs7,300/maund. Deals were recorded from Ghotki, Sadiqabad and Liaquatpur.

Pakistan has recorded export registrations for 197,642 bales from August 1, 2017 to January 31, 2018. During this period, a total of 120,940 bales were also registered.