Cotton unchanged

Karachi: Trading activity slowed down at the Karachi Cotton Exchange on Monday, while spot rates remained stable.

Karachi Cotton Association kept the official spot rates firm at Rs8,000/maund (37.324kg) and Rs8,574/40kg. Ex-Karachi rates also stood unchanged at Rs8,160/maund and Rs8,745/40kg after an addition of Rs160 and Rs171 as upcountry expenses, respectively. An analyst said supply slowed down in the market, while demand remained active, which kept the prices stable. “Last week one local exporter of cotton purchased 40,000 bales from the market that has also been the reason behind stable prices,” he said. Karachi cotton market recorded 12 transactions of around 10,000 bales at the price of Rs8,100/maund to Rs8,300/maund. Deals were reported from Mirpurkhas, Sanghar, Tando Adam, Shahdadpur, Hyderabad, Nawabshah, Ahmedpur East, Chichawatni, Haroonabad, Taunsa Shareef, Jehania and Gojra.