Cotton unchanged

Karachi : Trading improved at the Karachi Cotton Exchange on Saturday, while spot rates remained unchanged.

The spot rates stood firm at Rs7,600/maund (37.324kg) and Rs8,145/40kg. Ex-Karachi rates also remained unchanged at Rs7,745/maund and Rs8,300/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that cotton has almost ended with the ginners, while prices remained firm after the rupee devaluation. “Ginners are left with around 500,000 bales only, while big mills have registered import contracts for three million bales this year,” he said.

Karachi cotton market recorded nine transactions of around 5,000 bales at a price of Rs5,650 to Rs7,900/maund. Deals were recorded from Sanghar, Khanpur, Liaquatabad, Rahimyar Khan, Fazilpur, Lodhran, Yazman, Haroonabad and Chani Goth.