The Karachi Cotton Association (KCA) has been unable to issue cotton spot rates for the fifth consecutive day on Friday due to the ongoing sealing of the historic Karachi Cotton Exchange (KCE) building, which has housed the exchange since 1936, Dawn reported.
The Evacuee Property Trust Board (ETPB), with the assistance of the Federal Investigation Agency (FIA), sealed the building last week. Despite the closure, no alternative arrangements have been made for the KCA’s operations, leaving brokers, exporters, and importers with 152 closed offices within the KCE building.
According to a former KCA office-bearer, there had been no communication between the ETPB and the association regarding the status of the building.
The building’s closure has left the KCA unable to function fully, with only brief access granted to retrieve essential documents and items such as laptops. Cotton brokers have expressed frustration over the situation, stating that while the KCA has not been banned, the closure of their offices is unfair, and spot rates could still be issued from an alternative location.
