Cotton unchanged

Karachi : Not a single transaction was recorded at the Karachi Cotton Exchange on Wednesday, 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 the Karachi Cotton Brokers Association, said that dull trading was witnessed, as very little quantity was left with the ginners and the cotton season has officially ended.

Growers in Punjab are confused, as May 31 deadline has been given to them to complete sowing, which is facing delay, he added.

This year, the target for the area under cultivation has been reduced, while production target has been increased to 14.06 million bales.