Cotton unchanged

Karachi : Trading slowed down at the Karachi Cotton Exchange on Friday, while spot rates remained unchanged.

Karachi Cotton Association kept the official spot rates intact at Rs9,000/maund (37.324kg) and Rs9,645/40kg. Ex-Karachi rates also remained firm at Rs9,160/maund and Rs9,816/40kg with Rs160 and Rs171 up-country expenses, respectively.

An analyst said supply slowed down because of lower production and disturbances in supply to factories due to rain in the cotton growing areas of Punjab.

“Production is short by more than 30 percent in Sindh because of water scarcity,” he added.

Karachi cotton market recorded nine transactions of around 4,600 bales at the rate of Rs9,000 to Rs9,200/maund.

The deals were noted from Tando Adam, Shahdadpur, Sanghar, Hyderabad, Khadro, Sinjhoro, Burewala, Chichawatni and Vehari.