Dull trading at cotton market

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Karachi  :  Local cotton market witnessed dull trading activity on Tuesday, while spot rate remained unchanged, a dealer said.


The spot rate remained unchanged at Rs6,400 per maund (37.324 kg) and Rs6,859 per 40kg, while ex-Karachi rate remained at Rs6,555 per maund and Rs7,014 per 40kg after addition of Rs155 as upcountry expenses.


Naseem Usman, chairman of the Cotton Brokers Association, said that low activity remained in the market where new cotton deals were finalised at Rs6,400 per maund, while 1,000 bales were sold for Rs6,300 per maund for delivery on July 1.


New York cotton market recorded negative activity on all its shares. July futures declined by 2.17 cents per pound to 82.98 cents per pound, while October futures fell by 1.66 cents per pound to 84.02 cents per pound. China cotton index also declined by a few points.


Karachi cotton market witnessed dull trading of around 800 bales between Rs6,400 to Rs6,350 per maund. Shahdadpur’s 600 bales were sold at Rs6,400 per maund and 200 bales of Bahawalpur were sold at Rs6,350 per maund.

Courtesy:  The News

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