Cotton remains unchanged

Karachi : Karachi Cotton Exchange recorded no trade activity for the second consecutive day on Tuesday with spot rate remaining unchanged.

Spot rate stood firm at Rs7,400/maund (37.324 kg) and Rs7,931/40kg. Ex-Karachi rates also remained unchanged at Rs7,545/maund and Rs8,086/40kg after addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said prices have again returned to downwards in the international market, which forced buyers to stay sidelined from higher prices in the local market.

“Ginners are demanding higher prices while buyers are sidelined looking at the international market,” he said. “Big mills made contracts for the import of 2.5 million bales.”

The analyst said the trade activity would continue to fluctuate as “this is off season”. New York Cotton Market recorded mixed trend on its futures Monday.