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August 10, 2018

Cotton falls

Business

August 10, 2018

Karachi : Trading activity increased at the Karachi Cotton Exchange on Thursday, while spot rates decreased Rs50/maund.

Karachi Cotton Association lowered the official spot rates to Rs9,000/maund (37.324kg) and Rs9,645/40kg.

Ex-Karachi rates also fell to Rs9,160/maund and Rs9,816/40kg with Rs160 and Rs171 as upcountry expenses, respectively.

An analyst said prices dropped in the market, as supply increased and demand remained low, amid lower yarn prices. “Supply may reduce, as rain was reported in some cotton growing areas of Punjab and Sindh,” he said.

Karachi cotton market recorded 10 transactions of around 10,000 bales at the price of Rs9,000 to Rs9,200/maund.

The deals were noted from Tando Adam, Shahdadpur, Sanghar, Hyderabad, Kotri, Khadro, Burewala, Chichawatni, Samandri and Sahiwal.

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