Cotton stable

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

The spot rates remained unchanged at Rs7,500/maund (37.324kg) and Rs8,038/40kg.

Ex-Karachi rates also stood firm at 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 around seven factories started their ginning after Eid holidays, as they got good quantity that was stored during the Eid holidays.

However, the ginning factories became idle, as supply remained short. “Trade remains dull soon after sale of those lots,” he added. Ginners are left with around 50,000 to 60,000 bales from the old crop, which is being sold from Rs5,500 to Rs7,600/maund.