Cotton unchanged

Karachi : No trading activity was recorded at the Karachi Cotton Exchange on Tuesday, while spot rates remained unchanged.

The spot rates remained firm at Rs7,600/maund (37.324kg) and Rs8,145/40kg. Ex-Karachi rates also stood unchanged at Rs7,745/maund and Rs8,300/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that partial ginning has started in Sindh. However, trade remained low in the market due to Eid holidays. “A very little stock of around 60,000 bales is left with the ginners, while partial arrival from the new crop has started,” he said. Seed-cotton has reached into seven factories in Sindh, of which, five has started ginning and around 2,000 bales have been ginned. More ginning factories are likely to start operations in the coming days, he added.