Cotton stable

Karachi : The Karachi Cotton Exchange recorded only one trading transaction on Thursday, while spot rates remained unchanged.

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 the trade activity improved with one transaction, but spot rates remained unchanged, as it was average quality lint.

Since new crop would be late, small mills wanted to build their stocks with quality cotton, which was available in little quantity with the ginners.

“However, big mills are importing three million bales,” he added. Karachi cotton market recorded only one transaction of 2,451 bales from Alipur at the rate of Rs6,950/maund.