Cotton stable

Karachi : Slow trading was recorded at the Karachi Cotton Exchange on Thursday, 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 14 new ginning factories are being installed in Sindh with the cost of around Rs1 billion. These are in addition to 300 ginning factories already established in the province. Karachi cotton market recorded only four transactions of around 2,000 bales. Of these, 2,000 bales of Sadiqabad were sold at Rs7,800/maund, while 400 bales of Yazman, 1,200 bales of Lodhran and 300 bales of Bahawalpur were each sold at Rs6,600/maund.