Cotton improves

Karachi : Trading activity slowed down at the Karachi Cotton Exchange on Thursday, while spot rates increased Rs200/maund.

The Karachi Cotton Association (KCA) increased the official spot rates to Rs9,000/maund (37.324kg) and Rs9,645/40kg. Ex-Karachi rates also rose to Rs9,160/maund and Rs9,816/40kg with Rs160 and Rs171 upcountry expenses, respectively.

An analyst said prices increased because of short supply. Karachi cotton market recorded only five transactions of around 3,000 bales at the rate of Rs8,850 to Rs9,125/maund. Of these, 1,000 bales were sold from Shahdadpur at Rs9,000 to Rs9,100/maund, 1,200 bales of Tando Adam at Rs9,000 to Rs9,125/maund, 200 bales of Burewala at Rs9,000/maund, 200 bales of Chichawatni at Rs8,850/maund and 400 bales of Haroonabad exchanged hands at Rs8,850 to Rs9,000/maund.