Karachi – Active trading continued at the Karachi Cotton Exchange on Monday, while spot rates remained firm.
The spot rates remained unchanged at Rs6,400/maund (37.324kg) and Rs6,859/40kg. Ex-Karachi rates also stood firm at Rs6,545/maund and Rs7,014/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively. An analyst said the recent rains in the country affected the cotton crop and this year’s target might not be achieved despite an increase in the sowing area in Punjab. For 2017/18, the cotton production target is currently set at 14.04 million bales from 3.11 million hectares. Of this, Punjab is expected to produce 10 million bales from 2.43 million hectares. KCE recorded 13 transactions of around 10,000 bales at a price of Rs6,400 to Rs6,700/maund. Transactions were recorded from Mirpurkhas, Sanghar, Hyderabad, Kotri, Shahdadpur, Tando Adam, Moro, Burewala, Haroonabad, Pakpattan, Qabula, Chichawatni and Sahiwal.