Trade turnover of cotton increased to 28,000 bales (155 kilograms each) after the price of the commodity declined below Rs7,000 per maund (37.324 kilograms), a dealer said.
The decline in price at the local markets convinced the Karachi Cotton Association (KCA) to revise down its cotton spot (average) rate, as well. “The KCA decreased its cotton spot rate by Rs50 per kilogram to Rs6,800 per maund, he said.
Shakeel Ahmed, a broker at the Karachi Cotton Exchange, said continuous decline in cotton prices at the local markets is the result of downward trend in the commodity price at New York cotton market.
However, the decline at the local markets is not as steep as it is at New York market. “New York market is about to end downward trend, as cotton prices have touched their bottom level there. The market may witness recovery next week,” he said.