Trade turnover of cotton remained robust at 28,600 bales (of 155 kilogram each). However, the Karachi Cotton Association (KCA) revised down its cotton spot (average) rate by Rs50 per maund (37.324 kilograms) to Rs6,850 per maund, a dealer said on Thursday.
“KCA decreased its cotton spot rate in line with downward trends seen in cotton prices at local markets,” a broker at Karachi Cotton Exchange said. He said that majority of trade deals took place at or below Rs7,000 per maund.
Traders exchanged a total of 28,600 bales at Rs6,100 to Rs7,100 per maund as compared to 22,000 bales traded at Rs6,900 to Rs7,100 per maund a day ago, KCA said.
The broker said the price of the commodity was seen declining at local markets after exporters failed to buy the commodity from local markets. “The declining price of cotton at the benchmark world cotton market i.e. New York did not allow exporters to take positions here,” he said.