Cotton climbs up

Karachi : Normal trade continued at Karachi Cotton Exchange on Saturday while the spot rate increased by Rs200/maund.

Spot rate increased to Rs8,600/maund (37.324 kilogram) and Rs9,002/40kg. Ex-Karachi rates also rose to Rs8,545/maund and Rs9,157/40kg after addition of Rs145 and Rs155 as upcountry expenses, respectively.

Naseem Usman, chairman, Karachi Cotton Brokers Association, said demand of quality lint remained higher in the market against supply, which resulted in an increase in the prices. “If this situation persists, rates will reach to Rs9,000/maund in a few days, which will be the highest level in eight years,” he said.

Karachi Cotton Market recorded six transactions of around 5,000 bales at a price of Rs8,750/maund to Rs8,800/maund. Deals were recorded from Shahdadpur, Tando Adam, Sanghar, Hyderabad, Kotri and Chichawatni.