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Business

May 16, 2018

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Cotton stable

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

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

Naseem Usman, chairman of KCBA, said that quality lint was already sold in the market, so buyers remained on the sidelines from the lower quality cotton. “Big mills are importing three million bales, of which majority quantity had already arrived,” he added. He said the value-added textile sector and All Pakistan Textile Mills Association (Aptma) are in conflict over import of cotton yarn in the country. In the local market, only one transaction of 1,200 bales was recorded from Sadiqabad at a price of Rs7,750/maund.

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