KARACHI: Trade turnover of cotton slightly improved to around 6,000 bales (155 kilograms each) after prices of the commodity fell at the local market, a dealer said on Thursday.
“Falling cotton prices convinced the traders to buy fresh stocks of the commodity,” a broker at the Karachi Cotton Exchange (KCE) said.
“The maximum price of cotton has fallen to Rs6,800 per maund on cash against Rs7,000 per maund a couple of days ago.”
Meanwhile, the KCE kept its cotton spot (average) rate unchanged for the third consecutive day at Rs6,800 per maund (37.324 kilograms).
Traders exchanged a total of 6,179 bales at Rs5,200 to Rs6,800 per maund, the KCE reported.
Accordingly, Hasil Pur witnessed the highest trade of 2,604 bales at Rs6,500 per maund; Dehrki traded 1,175 bales at Rs7,100 per maund on credit; and other markets traded the minimum of 200 to the maximum of 800 bales, it said.
At New York cotton market, May futures contract fell by 0.73 cents per pound to 85.37 cents, while July futures contract declined by 0.87 cents per pound to 87.48 cents.
In its latest fortnightly cotton production report, the Pakistan Cotton Ginners’ Association (PCGA) reported a decline of 1.78 million bales, or 12 percent, to 12.88 million bales’ production in the last nine months ended March 31 against 14.67 million bales produced in the same period last year.