Cotton improves

Karachi : Trading activity slightly improved at the Karachi Cotton Exchange on Saturday, while spot rates increased Rs200/maund.

Karachi Cotton Association increased the official spot rates to Rs9,400/maund (37.324kg) and Rs10,074/40kg. Ex-Karachi rates also rose to Rs9,560/maund and Rs10,245/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that prices increased Rs800/maund in the last few days to record level of Rs9,500/maund. “Prices have seen unusual fluctuation of Rs1,400/maund in two weeks,” he added.

Karachi cotton market recorded 13 transactions of around 5,200 bales at the rates of Rs9,300 to Rs9,500/maund. Deals were recorded from Tando Adam, Shahdadpur, Sanghar, Kotri, Hyderabad, Vehari, Burewala, Chichawatni, Samandri, Mian Channu, Sahiwal, Toba Tek Singh and Haroonabad.