“Spinning mill-owners purchased lower number of cotton bales due to closure of work across the world on account of Christmas holidays,” said a broker at the Karachi Cotton Exchange.
“Prices remained stable as ginners were not selling the commodity below their demand prices.” Spinning mill-owners bought around 11,400 bales against 13,000 bales bought a day ago.
The price of the commodity, however, remained stable at a minimum of Rs5,800 per maund and a maximum of Rs6,100 per maund in the open markets, according to the Karachi Cotton Exchange.
The Karachi Cotton Exchange, however, kept its spot rate unchanged for the sixth consecutive day at Rs6,000 per maund.
Upper Sindh (BCI) witnessed the highest trade of 3,000 bales at Rs6,100 per maund. Khanewal, Rahim Yar Khan, and Sadiqabad traded 1,000 bales each at Rs5,875-6,100 per maund, Karachi Cotton Exchange reported. Other markets in the country traded the commodity within the range of 200 bales to 800 bales each, it added.
The broker said that trade in cotton would remain dull during December due to the holiday period across the world.
“The holiday season world across, which began with Christmas preparations, will end on January 10, 2013 when the Chinese will return from a 10-day annual leave,” he said. Besides, Pakistan will also observe additional public holidays during this week on account of Quaid-e-Azam Day, Benazir Bhutto Day and Urs of Shah Abdul Latif Bhittai.
The China Cotton Index increased by 12 points to 19,141 points, said Karachi Cotton Exchange.
Earlier, Pakistan Cotton Ginners’ Association reported 10.76 million bales of 155 kilogram each from July 1 to December 12, 2012, which declined by 267,157 bales from 11.03 million bales reported in the same period of 2011.