Cotton unchanged

Karachi : No trading activity was recorded at the Karachi Cotton Exchange on Friday and the spot rates remained unchanged.

The spot rates stood firm at Rs7,500/maund (37.324 kg) 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 Pakistan’s cotton outlook would remain below the production target of 14.3 million bales, as there was shortage in sowing area in the country, especially in Sindh due to acute water shortage.

“Small buyers are looking towards the new crop, while big mills maintain stocks, as they had already imported three million bales this season,” he added.

Pakistan has made export registrations of 205,944 bales till May 23, while 128,552 bales had already been shipped.