Cotton firm

Karachi : Slow trading continued at the Karachi Cotton Exchange on Thursday, while spot rates remained unchanged.

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

An analyst said the textile sector, including factories, spinners, ginners and growers, is under stress.

“Cotton yarn market is facing decline in demand and prices, which affected the cotton prices, as well,” he said. “Big mills are relying on imports.”

The cotton market recorded eight transactions of around 3,000 bales at a price of Rs6,200 to Rs7,250/maund. Deals were recorded from Ghotki, Sanghar, Jalalpur, DG Khan, Bahawalpur and MP Dewan.