Karachi Cotton Exchange on Tuesday witnessed dull trading as buyers still remained away from the market after yarn and fabric sales were not picking up in the international markets.
The spot rates remained unchanged at Rs6,700/maund (37.324kg) and Rs7,180/40kg. Ex-Karachi rates also stood firm at Rs6,835/maund and Rs7,325/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.
At KCE only two transactions were recorded to have changed hands: 1,100 bales in between Rs6,400 to Rs7,000/maund. Samundriâ€™s 500 bales were sold at Rs6,400/maund and 600 bales of Rahimyar Khan exchanged hands at Rs7,000/maund.
Naseem Usman, chairman of the Karachi Cotton Brokers Association, predicted better cotton outlook ahead, as the Sindh government banned paddy in Sanghar, a cotton growing district, this year.
On global front, cotton futures on MCX closed lower on third successive trading session on reports of healthy supplies through imports due to strong rupees.
The domestic cotton arrivals in the first 25 days in April are higher by 59% on year at 2.32 lakh tonnes (lt) compared to 1.46 lt last year, as per Agmarknet.
Poor to average response to state auction in China may support world cotton prices but rapid sowing progress in the US will further pressurize world cotton prices.
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