Cotton falls

Karachi: Slow trading was recorded at the Karachi Cotton Exchange on Thursday, while spot rates decreased Rs100/maund.

The spot rates fell to Rs7,400/maund (37.324kg) and Rs7,931/40kg. Ex-Karachi rates also dropped to Rs7,545/maund and Rs8,086/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said prices are likely to further come down, as quality lint had almost sold in the market, while average lots were available with the ginners. Karachi cotton market recorded two transactions of around 2,200 bales in the range of Rs6,000 to Rs7,000/maund. Of these, 200 bales of Bahawalpur were sold at Rs7,000/maund and 2,000 bales of Burewala exchanged hands at Rs6,000/maund. May futures were closed at the New York cotton market. Market recorded an increase on all its futures, where July futures rose 0.48 cents to 85.86 cents/pound and October futures increased 0.43 cents to 82.28 cents/pound.