Slow trading was witnessed at the Karachi Cotton Exchange on
Tuesday, while spot rates remained unchanged.The spot rates remained unchanged
at Rs6,700/maund (37.324kg) and Rs7,180/40kg. Ex-Karachi rates also stood firm
at Rs6,835/maund and Rs7,325/40kg after an addition of Rs135 and Rs145 as
upcountry expenses, respectively.
An analyst said that despite government''s efforts to boost up
cotton production in the country, sugarcane sowing was at peak in some cotton
growing areas in Sindh province.Cotton seed and pesticides still remain an
issue for the farmer, so they are switching to other crops,” he said.KCE witnessed three transactions amid prices of Rs6,700 to
Rs6,800/maund. Fort Abbas 400 bales were sold at Rs6,940/ maund, Rahimyar
Khan’s 244 bales at Rs6,700/maund, while Jalalpur’s 6,800 bales were exchanged
at Rs6,800/maund.
Source: Business Recorder, Pakistan Wednesday, 10 May 2017