Slow trading was witnessed at the Karachi Cotton Exchange on Tuesday, while spot rates remained unchanged.
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.
An analyst said that despite government's efforts to boost up cotton production in the country, sugarcane sowing was at peak in some cotton growing areas in Sindh province.
“Cotton seed and pesticides still remain an issue for the farmer, so they are switching to other crops,” he said.
KCE witnessed three transactions amid prices of Rs6,700 to Rs6,800/maund. Fort Abbas 400 bales were sold at Rs6,940/ maund, Rahimyar Khan’s 244 bales at Rs6,700/maund, while Jalalpur’s 6,800 bales were exchanged at Rs6,800/maund.