Cotton improves

Karachi : Dull trading continued at the Karachi Cotton Exchange on Monday, while spot rates increased Rs100/maund.

The spot rates increased to Rs7,700/maund (37.324kg) and Rs7,845/40kg. Ex-Karachi rates also increased to Rs8,252/maund and Rs8,407/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that trade activity remained low because of rain in the country. Prices in the international market remained under pressure, while rates increased in India because of exports to China. “Rates in the New York cotton market decreased, as China moved to India,” he added. Karachi cotton market recorded only two transactions of 400 bales. Of these, 200 bales of Sanghar were sold at Rs8,150/maund and 200 bales from Kabirwala exchanged hands at Rs6,900/maund.