Cotton unchanged

Karachi : No transaction was recorded at the Karachi Cotton Exchange on Wednesday, while spot rates remained firm.

The spot rates stood firm at Rs7,500/maund (37.324kg) and Rs8,038/40kg. Ex-Karachi rates also remained unchanged at Rs7,645/maund and Rs8,193/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said trade activity remained nil in the market, as almost all quality lint had already been sold in the market. “Big mills have been importing three million bales this year,” he said. “Trade activity might remain low in the coming days, as well,” he added.

Pakistan has recorded exports transactions of 202,739 bales from August 1, 2017 till May 7, 2018. During this period, a total of 125,347 bales have also been shipped.