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July 12, 2018

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Cotton improves

Karachi: Trading improved at the Karachi Cotton Exchange on Wednesday, while spot rates increased Rs100/maund.

The spot rates rose to Rs8,300/maund (37.324kg) and Rs8,895/40kg. Ex-Karachi rates also increased to Rs8,445/maund and Rs9,050/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said adjustment of spot rates for the new crop continued in the market that pushed the price upwards. Karachi cotton market recorded five transactions of around 3,200 bales at in between Rs8,450 and Rs8,600/maund.

Of these, 1,600 bales of Tando Adam were sold at Rs8,500 to Rs8,600/maund, 800 bales of Shahdadpur at Rs8,500/maund, 200 bales each of Kotri and Vehari at Rs8,475/maund and 400 bales of Burewala exchanged hands at Rs8,450/maund.

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