Cotton up

Karachi : Slow trading activity continued at the Karachi Cotton Exchange on Wednesday, while spot rates increased Rs100/maund.

Karachi Cotton Association increased the official spot rates to Rs8,900/maund (37.324kg) and Rs9,538/40kg. Ex-Karachi rates also rose to Rs9,045/maund and Rs9,693/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said the rupee depreciation had the biggest affect on prices.

Karachi cotton market recorded only six transactions of around 2,300 bales at the rate of Rs9,100 to Rs9,200/maund, which is highest in eight years. Of these, 1,000 bales of Tando Adam were sold at Rs9,100 to Rs9,200/maund and 600 bales of Shahdadpur, 100 bales of Gojra and 200 bales each of Hyderabad, Samandri and Haroonabad exchanged hands at Rs9,100/maund.