Trading activities at the cotton market remained low as the world’s biggest buyers continued to consume the commodity from their strategic reserves, a dealer said on Thursday.
“Cotton market remained sluggish since China and India – the two biggest buyers of cotton across the world – continued to consume the commodity from their state’s strategic reserves,” Lal Kumar, a broker at the Karachi Cotton Exchange (KCE), said.
“The announcement of annual cotton policy by China sometime in May-June will give a new direction to the commodity markets across the world, including Pakistan,” he said.
Traders exchanged a total of 7,900 bales (155 kilograms each) at Rs6,100 to Rs6,700 per maund (37.324 kilograms), the KCE reported.
Accordingly, Haroonabad witnessed the highest trade of 1,800 bales at Rs6,275 to Rs6,500 per maund; while Yazman Mandi and Khanewal traded 1,200 bales each at Rs6,400 per maund, the KCE reported. Meanwhile, the KCE kept its cotton spot (average) rate unchanged Rs6,600 per maund.