By admin       2018-01-02

Normal trading continued at the Karachi Cotton Exchange on Monday, while spot rates rose Rs200/maund. The spot rates increased to Rs7,500/maund (37.324kg) and Rs8,038/40kg. Ex-Karachi rates also rose to Rs7,645/maund and Rs8,193/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively. An analyst said Rs8,000/maund is the highest price of the season, which also stood at top during the last seven years. “International prices of cotton also remained high,” he added. A total of nine transactions were recorded of around 17,000 bales at a price of Rs5,750 to Rs8,000/maund. Deals were recorded from Ghotki, Mirpur Mathelo, Khanpur Maher, Khanewal, Rahimyar Khan, Haroonabad, Ahmedpur East, Gojra and Faqeerwali. Cotton prices in Pakistan had reached at the highest-ever level of Rs14,000/maund in 2010/11. “Prices are likely to stay higher because of an increase in the demand, as Indian imports are uncertain due to bad quality and higher prices,” the analyst added.

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