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Normal trading witnessed at Karachi Cotton Exchange

YarnsandFibers News Bureau 2017-02-01 13:00:00 – Karachi

Trading at cotton market stable with increase in cotton demand as mills are going for more buying, amid a decline in production and surge in consumption.

At the Karachi Cotton Exchange on Tuesday witnessed normal trading with spot rates remaining unchanged.

KCE recorded domestic transactions of around 5,000 bales in between Rs6,700/maund to Rs7,000/maund from six stations that included Fort Abbas, Dharanwala, Maroot, Haroonabad, Hasilpur and Mian Channu.

The spot rates stood firm at Rs6,650/maund (37.324kg) and Rs7,127/40kg. Ex-Karachi rates also remained unchanged at Rs6,785/maund and Rs7,272/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.

According to analyst, lint prices are likely to remain up, as prices in the international market had increased and some deals with India are likely to be cancelled, as they are demanding higher prices against booking rates.

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