Cotton firm

Karachi : Not a single transaction was recorded at the Karachi Cotton Exchange on Monday, 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 remained low because of commencement of Ramazan and an end to cotton stocks. “A very little quantity of around 150,000 bales is left with the ginners, of which very small quantity of quality lint is available,” he added. Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that mills had fulfilled their demand of lint, so they remained on the sidelines from the market, while all eyes were set on the new crop.