Cotton climbs

Karachi : Trading activity improved at the Karachi Cotton Exchange on Saturday, while spot rates rose Rs50/maund.

Karachi Cotton Association increased the official spot rates to Rs8,250/maund (37.324kg) and Rs8,841/40kg. Ex-Karachi rates also increased to Rs8,410/maund and Rs9,012/40kg after an addition of Rs160 and Rs171 as upcountry expenses, respectively.

Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that demand and supply increased in the market, which supported the prices upwards.

“Quantum of trade will increase after Muharram, as commencement of ginning by more factories is expected after these religious holidays,” he said. Karachi cotton market recorded 21 transactions of around 17,000 bales at the price of Rs8,150/maund to Rs8,400/maund. Deals were reported from Sanghar, Tando Adam, Shahdadpur, Nawabshah, Hala, Khairpur, Ahmedpur East, Chichawatni, Haroonabad, Taunsa Sharif, Burewala, and Kabirwala.