Cotton climbs

Karachi : Normal trading was recorded at the Karachi Cotton Exchange on Saturday, while spot rates increased Rs200/maund.

The spot rates rose to Rs7,300/maund (37.324kg) and Rs7,823/40kg. Ex-Karachi rates also increased to Rs7,445/maund and Rs7,978/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

Naseem Usman, chairman of the Karachi Cotton Brokers Forum, said that prices have reached Rs7,800/maund, which is the highest level in last seven years.

“Rates had touched Rs14,000/maund in 2010/11, which was the highest-ever price in Pakistan,” he added. Stakeholders are seriously making efforts to increase the cotton production in the country, he said.

The cotton market recorded only 19 transactions of around 22,000 bales at a price of Rs6,450 to Rs7,800/maund. Notable transactions were recorded from Daharki, Ghotki, Rahimyar Khan, Ahmedpur East, Haroonabad, Faqeerwali and Khanpur.