Cotton firm

Karachi : Active trading continued at the Karachi Cotton Exchange on Wednesday, 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. A trader said cotton trade increased after a slowdown for a few weeks, as new crop might be late and the mills wanted to build up their stocks. “Small mills are buying from the local market, while big ones are importing around three million bales,” he added. Karachi cotton market recorded eight transactions of around 6,000 bales at a price of Rs5,900 to Rs7,800/maund.

Deals were reported from Khadro, Sadiqabad, Rahimyar Khan, Khanpur, Bago Bahar, Noorpur Noranga, Rajanpur and Nouakot.