Local cotton markets witnessed some trading, as this was the first working day on Monday after Eid holidays, a dealer said.
“Cotton markets have started returning to normal trading after observing Eid holidays,” a broker at the Karachi Cotton Exchange said, adding that the trade turnover of cotton will gradually increase in two to three days.
“Forecast for heavy rains in the near future in Punjab will convince spinning mill-owners to buy significant volume of cotton in the days to come. Any delay in buying the commodity may compel the spinners to pay higher price for cotton during and / or after rains.”“The price of cotton stayed firm around Rs6,700 per maund (37.324 kilograms) and the trend shows that the price will move upward in the days to come,” he said.
Traders exchanged 2,800 bales at Rs6,650 to Rs6,700 per maund at the local markets as compared to no trading in the last trading session of Thursday, the Karachi Cotton Association (KCA) reported.Meanwhile, the KCA kept its cotton spot rate unchanged for the fifth consecutive working day at Rs6,550 per maund.