The Karachi Cotton Exchange (KCE) on Tuesday withdrew the Rs50 per maund’s (37.324 kilograms) increase that it had made in its cotton spot (average) rate on Monday and reset the rate at its previous level of Rs6,400 per maund, the KCE reported.
“The KCE decreased the cotton spot rate by Rs50 per maund to Rs6,400 per maund. The exchange had increased the rate by Rs50 a day ago,” Taqi Abbas, a member of the Advisory Committee of the Karachi Cotton Association, said. “The revisions were made keeping in view trade turnover of cotton at the local markets.”
Traders exchanged mere 917 bales (155 kilograms each) at Rs6,000 to Rs6,350 per maund as compared to 2,266 bales traded at Rs6,350 to Rs6,800 per maund a day ago, the KCE reported.
Accordingly, Bahawalpur traded 700 bales at Rs6,000 to Rs6,350 per maund and Mianwali traded 217 bales at Rs6,200 per maund, it said.At New York cotton market, July futures contract increased by three cents per pound to 82.36 cents, while October futures contract rose by 2.97 cents per pound to 84.86 cents, it added.