Cotton declines

Karachi : Normal trading recorded at the Karachi Cotton Exchange on Saturday, while spot rates decreased Rs100/maund.

The spot rates fell to Rs7,500/maund (37.324kg) and Rs8,038/40kg. Ex-Karachi rates also decreased to Rs8,038/maund and Rs8,193/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that cotton season of 2017/18 had almost ended, while arrivals till April 15 remained 7.38 percent higher to 11.58 million bales.

China is taking interest in Indian cotton after trade war with the US, while prices in the international market had increased, he said. Karachi cotton market recorded seven transactions of around 6,000 bales at a price of Rs6,100 to Rs7,100 a maund. Deals were recorded from Bahawalpur, Rajanpur, Pul Bagar, Shujabad, Haroonabad and Mian Channu.