Cotton improves

Karachi : Trading improved at the Karachi Cotton Exchange on Friday, while spot rates increased Rs100/maund.

The spot rates rose to Rs7,300/maund (37.324kg) and Rs7,823/40kg. Ex-Karachi rates also increased to Rs7,445/maund and Rs7,978/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said prices in the international market increased that also affected the local prices, as buyers preferred local cotton despite a cut in the sales tax and Custom duties. “Prices are likely to remain firm,” he added.

Karachi cotton market recorded nine transactions of around 9,000 bales at a price of Rs7,150 to Rs7,800/maund.

Deals were recorded from Daharki, Ghotki, Mirpur Mathelo, Rahimyar Khan, Khanpur, Sadiqabad, Layyah, Alipur and Rajanpur.