Cotton declines

Karachi : Only one transaction was recorded at the Karachi Cotton Exchange on Thursday, while spot rates decreased Rs100/maund.

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

Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that international market is under pressure and China is moving from US to India to purchase 0.5 million bales.

New York market decreased to this level from above 90 cents/pound this season. “The market will again go up in the coming days, as demand is higher than production,” he added.

Karachi cotton market recorded only one transaction of 400 bales from AP East at the rate of Rs7,250/maund.