Cotton improves

Karachi : Dull trading activity was recorded at the Karachi Cotton Exchange on Monday, while spot rates increased Rs100/maund.

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

An analyst said the new crop had started arriving in the mills. Around 2,000 maunds of seed-cotton from Badin, Thatta, Shadi Large, Gharo, Daro, Chuhar Jamali, Mirpur Sakro and Kunri were sold to mills at around Rs4,000/maund.

Last week, some deals of new crop cotton were recorded from Sanghar and Haroonabad at Rs8,000/maund at ready delivery. Karachi cotton market recorded only two transactions of around 1,500 bales. Of these, 200 bales of Daharki were sold at Rs7,400/maund and 1,355 bales of Khanpur Mahar fetched Rs7,500/maund.