Cotton down

Karachi : Dull trading continued at the Karachi Cotton Exchange on Wednesday, while spot rates decreased Rs100/maund.

The spot rates decreased to Rs7,500/maund (37.324kg) and Rs8,038/40kg. Ex-Karachi rates also fell to Rs7,645/maund and Rs8,193/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said ginners are having a very little quantity of around 275,000 bales with them. Since quality cotton remained in a very little quantity, prices decreased in the local market. “Prices will fluctuate in the coming days,” he added.

Karachi cotton market witnessed two transactions of around 1,200 bales at a price of Rs6,800 to Rs6,975/maund.

Of these, two lots of 200 bales and 1,000 bales of Bahawalpur were sold for Rs6,975/maund and Rs6,800/maund, respectively.