With a fresh drop of Rs50 per maund (37.324 kilograms) on Wednesday, the Karachi Cotton Association (KCA) has revised down its cotton spot (average) rate by a total of Rs100 per maund in the last two consecutive sessions to Rs6,800 per maund, the KCA reported.
“The fall in cotton price at the local markets convinced the KCA to revise down its cotton spot rate,” a broker at the Karachi Cotton Exchange said.
He said that the price of cotton fell to Rs7,000 per maund at the local markets against Rs7,100 per maund two days ago.
Persistent increase in the arrival of cotton to markets compelled ginners to sell it at lower prices, while the quality of cotton (particularly the one grown in Sindh) is too good, he said.
Traders exchanged a total of 17,400 bales (155 kilograms each) at Rs6,800 to Rs7,000 per maund as compared to 16,000 bales traded at Rs6,900 to Rs7,050 per maund a day ago, the KCA reported.
At New York cotton market, October futures contract lowered by 0.23 cents per pound to 84.77 cents, while December futures contract up by 0.44 cents per pound to 84.44 cents, it reported.