Trade turnover of cotton declined on Thursday at the local cotton exchange as the supply of ‘phutti’ remained low, dealers said.
Traders exchanged 12,000 bales (155kg each) at Rs6,750 to Rs6800 per maund as compared to 14,000 bales a day ago.
Nasim Usman at the Karachi Cotton Exchange said that the demand was high as against the supply, which resulted in reduced turnover.
Meanwhile, the cotton spot rate at the Karachi Cotton Exchange remained at Rs6,755 per bale.
The Karachi Cotton Association fixed the official spot rate or base price, for Grade 3 cotton at Rs7,180 per maund (40kg).
Grade 3 cotton has a staple length of 1-1/16” (inches) and micronaire value between 3.8 to 4.9 NCL (no control limits), which represents fine to coarse classes of cotton varieties.
In the kerb market the key crop varieties were traded in the range of Rs6,650 to Rs6,800 per maund.