Pakistan: Brisk cotton buying



Spinning mill-owners continued to make brisk buying in cotton after the price of the commodity slightly declined at the local markets, a dealer said on Friday.

“The increase in the supply of cotton to markets resulted in a slight fall in the commodity price.

The situation helped the market witnessed higher trade turnover,” a broker at the Karachi Cotton Exchange said.

Traders exchanged a total of 24,800 bales (155 kilograms each) at Rs6,000 to Rs7,100 per maund (37.324 kilograms) as compared to 28,600 bales traded at Rs6,100 to Rs7,100 per maund a day ago, the Karachi Cotton Association (KCA) reported.

The broker said that the decline in price at the local markets was also seen due to downward trend in price of the commodity at the world benchmark cotton market, ie, New York cotton market.