Cotton climbs

Karachi : Trading slowed down at the Karachi Cotton Exchange on Friday, while spot rates increased Rs50/maund.

Karachi Cotton Association increased the official spot rates to Rs8,200/maund (37.324kg) and Rs8,788/40kg. Ex-Karachi rates also rose to Rs8,360/maund and Rs8,959/40kg after an addition of Rs160 and Rs171 as upcountry expenses, respectively.

An analyst said a decline in quantity resulted in an increase in the spot rates amid higher demand.

Karachi cotton market recorded 22 transactions of around 12,000 bales at the price of Rs8,100/maund to Rs8,390/maund. Deals were reported from Sanghar, Tando Adam, Shahdadpur, Nawabshah, Hyderabad, Daur, Moro, Kotri, Khairpur, Khanewal, Chichawatni, Haroonabad, Mian Channu, Chistian, Bahawalnagar and a few other stations.