Cotton unchanged

Karachi : Dull trade continued at the Karachi Cotton Exchange on Tuesday, 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 mills are looking towards the new crop, as stocks from the current crop were almost sold and around 70,000 bales are available with the ginners. However, he said, cotton production target remains under question, as water shortage have left more than 50 percent area uncultivated.

Karachi cotton market recorded four transactions of around 1,700 bales at the price in the range of Rs6,000/maund to Rs7,500/maund. The deals were reported from Rahimyar Khan, Layyah, Pakpattan and Burewala.