The Karachi Cotton Exchange (KCE) increased its cotton spot (average) rate by Rs100 per maund (37.324 kilograms) to Rs6,400 per maund after local markets witnessed revival in the commodity trading during the last two days, a broker said on Wednesday.
“The KCE increased the spot rate in line with the upward trend at the local markets,” Shakeel Ahmed, a broker at the KCE, said.
Traders exchanged a total of 18,000 bales (155 kilograms each) at Rs5,850 to Rs6,575 per maund as compared to 5,900 bales traded at Rs4,700 to Rs6,700 per maund a day ago, the KCE reported.
The broker said that spinning mill-owners and exporters have returned to the markets on expectations that the incoming government will fulfill its renewed promise of resolving the power crisis.
Meanwhile, Khan Pur witnessed the highest trade of 12,500 bales at Rs6,500 per maund; Ghotki traded 1,600 bales at Rs6,100 per maund; and other markets traded the minimum of 100 bales to the maximum of 1,000 bales, the KCE reported.