Cotton stable

Karachi: Dull trading was witnessed at the Karachi Cotton Exchange on Monday, while spot rates remained unchanged.

The spot rates stood firm at Rs7,500/maund (37.324kg) and Rs8,038/40kg. Ex-Karachi rates also remained unchanged at Rs7,645/maund and Rs8,193/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively. An analyst said cotton quantity, as well as quality, is likely to be affected in Sindh because of late sowing of crop amid shortage of irrigation water.

Karachi cotton market recorded only two transactions of around 1,600 bales. Of these, 1,000 bales of Bahawalpur and 600 bales of A P East each exchanged hands at Rs6,900/maund. Pakistan has recorded export deals of 201,909 bales from August 1, 2017 to March 31, 2018. During this period, a total of 124,517 bales were also shipped.