Slow trading was witnessed at the Karachi Cotton Exchange on Friday, while spot rates remained unchanged.
The spot rates remained unchanged at Rs6,800/maund (37.324kg) and Rs7,288/40kg. Ex-Karachi rates also stood firm at Rs6,935/maund and Rs7,433/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.
An analyst said slow trading was witnessed in the market, while prices remained firm. “Traders are waiting for the new crop and the first ginning factory in Mirpurkhas, Sindh is likely to commence operations on Sunday, June 4, as cottonseed started arriving in the mills in that area,” he added.
The cotton market recorded two transactions of around 1,200 bales at Rs6,750 and Rs6,950/maund. Rahimyar Khan’s 200 bales were sold at Rs6,950/maund, while another lot of 1,036 bales of Rahimyar Khan was sold at Rs6,750/maund.