Local cotton markets continued to witness stable trade, as there was a consensus over the commodity’s price between sellers and buyers, a dealer said on Wednesday.
“Cotton markets remained stable after sellers (ginners) and buyers (spinning mill-owners and exporters) established consensuses over the price of the commodity,” a broker at the Karachi Cotton Exchange (KCE) said.
Girdhari Lal, a broker at the KCE, said that the privileging prices (ie, from Rs5,700 to Rs6,800 per maund) of cotton at the local markets were equivalent to the prices of the commodity in the world markets.
Moreover, there was almost no gap between the demand and supply of cotton at the local markets, he said.
Traders exchanged 9,200 bales (155 kilograms each) at Rs6,650 to Rs6,800 per maund (37.324 kilograms) at the local markets as compared to 14,000 bales traded a day ago at Rs6,700 to Rs6,800 per maund, the Karachi Cotton Association (KCA) reported.
Meanwhile, the KCA kept its cotton spot (average) rate unchanged for the ninth consecutive day at Rs6,700 per maund.