Cotton up

Karachi: Trading slowed down at the Karachi Cotton Exchange on Monday, while spot rates increased Rs100/maund.

Karachi Cotton Association increased the official spot rates to Rs8,100/maund (37.324kg) and Rs8,681/40kg. Ex-Karachi rates also increased to Rs8,260/maund and Rs8,852/40kg after an addition of Rs160 and Rs171 as upcountry expenses, respectively. Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that due to rains in some cotton growing areas of Punjab and Sindh, supply had reduced, which resulted in an increase in prices. Karachi cotton market recorded 12 transactions of around 5,000 bales at the rate of Rs8,150 to Rs8,450/maund. The deals were noted from Tando Adam, Shahdadpur, Sanghar, Mirpurkhas, Khanewal, Mian Channu, Vehari, Burewala, Chichawatni, Gojra, Pir Mehal and Samandri. 