Cotton unchanged

Karachi : Dull trading was recorded at the Karachi Cotton Exchange on Thursday, 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.

An analyst said trade activity in the market would remain low because of commencement of Ramazan. Besides, cotton season has almost ended and only low quality lint is available with ginners, so buyers would remain aside.

“Big mills had already made contracts for the import of three million bales to build up their stocks,” he added.

Karachi cotton market recorded two transactions of around 1,300 bales at a price in the range of Rs6,975/maund and Rs7,475/maund.