By admin       2018-02-07

No trading activity was recorded at the Karachi Cotton Exchange on Tuesday, while spot rates decreased Rs100/maund. The spot rates dropped to Rs7,200/maund (37.324kg) and Rs7,716/40kg. Ex-Karachi rates also decreased to Rs7,345/maund and Rs7,871/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively. Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that prices were further down and around Rs300/maund decrease after issuance of SRO on Customs duty and sales tax cut. “Cotton trade in the local market has also come down, while there is an alarming situation in the textile sector, especially for the ginners and growers,” he said. “Cotton prices have shrunk in the international market, as well.” He said even spinners are facing problems, as cotton yarn prices have come down too, which resulted in decline in demand.

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