KARACHI: To mourn the Karachi incident, in which 45 people were killed, the cotton market remained closed on Thursday.
The Karachi Cotton Association (KCA) kept its official spot rate unchanged for the fourth working day at Rs5,450 per maund. The broker said the markets may resume trading on Friday, as the stock of unsold cotton was low at around 200,000 to 225,000 bales and the next crop is delayed by two to three weeks.
At New York cotton market, price of July futures contract increased by 0.75 cents per pound to 65.77 cents per pound, while price of October futures contract surged by 0.87 cents per pound to 65.88 cents per pound, the KCA reported.
