By admin       2018-04-06

Karachi : Slow trading activity was recorded at the Karachi Cotton Exchange on Thursday, while spot rates remained unchanged. The spot rates stood firm at Rs7,300/maund (37.324kg) and Rs7,823/40kg. Ex-Karachi rates also remained unchanged at Rs7,823/maund and Rs7,978/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively. Naseem Usman, chairman of the Karachi Cotton Brokers Association, said that China and US have started trade war and China imposed 25 percent duty on all US items. Looking at it, international cotton market is under extreme pressure and the confirmed deals are likely to be cancelled, he added. Karachi cotton market recorded six transactions of around 3,000 bales at a price of Rs6,200 to Rs7,600/maund. Deals were reported from Rahimyar Khan, Uch Shareef, Fort Abbas, Haroonabad, Bahawalnagar and Faqeerwali.

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