Cotton up

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

Karachi Cotton Association rose the official spot rates at Rs8,050/maund (37.324kg) and Rs8,627/40kg. Ex-Karachi rates also increased to Rs8,210/maund and Rs8,798/40kg after an addition of Rs160 and Rs171 as upcountry expenses, respectively.

An analyst said demand increased in the market, which resulted in an increase in the spot rates. “Crop is short by around 33 percent in Sindh, as sowing remained low because of water shortage,” he said. “In the coming days, trade will increase.” Karachi cotton market recorded 31 transactions of around 20,000 bales at the price of Rs8,100/maund to Rs8,300/maund. Deals were reported from Mirpurkhas, Sanghar, Tando Adam, Shahdadpur, Kotri, Khipro, Shahpur Chakar, Nawabshah, Hyderabad, Ahmedpur East, Khanewal, Burewala, Chichawatni, Vehari, and Hasilpur.