The local cotton markets witnessed no trade, as cotton yarn makers have started observing holidays to celebrate Eid, a dealer said on Wednesday.
“There was no trade at cotton markets in Pakistan,” the Karachi Cotton Association (KCA) reported.
A broker at the Karachi Cotton Exchange linked no trade in cotton with closure of cotton yarn manufacturing factories in the country. He said that the yarn makers have gone off to celebrate Eid that is likely to take place on Friday.
He said that a few spinning mills; however, have booked orders for 3,000 to 4,000 cotton bales (155 kilograms each) that will be delivered to them after Eid holidays. The future deals were made at Rs6,600 to Rs6,650 per maund (37.324 kilograms).
A day ago, traders had exchanged 1,200 bales at Rs6,600 to Rs6,700 per maund, the KCA said.
The KCA, meanwhile, kept its cotton spot rate unchanged for the fourth consecutive working day at Rs6,550 per maund.
At New York cotton market, October futures contract increased by 0.42 cents per pound to 85.82 cents, while December futures contract surged by 0.49 cents per pound to 85.69 cents, it added.