Trade turnover of cotton improved to 19,400 bales (of 155 kilogram each) in local markets on Wednesday as traders made relatively higher purchases on speculations, a dealer said.
“Cotton trading improved on speculations that the commodity may face some quality issues in the end-season (February-March) of production,” a broker at Karachi Cotton Exchange said
Otherwise, Pakistan is all set to produce bumper crop this year. “As per Pakistan Cotton Ginners Association, Pakistan has so far produced 11.04 million bales in the ongoing fiscal year, which is 15 percent higher than 9.85 million bales produced during the same period last year,” he said.
Traders exchanged a total of 19,400 bales at Rs6,300 to Rs6,625 per maund (37.324 kilogram) as compared to 12,000 bales traded at Rs4,700 to Rs6,650 per maund a day ato, Karachi Cotton Association (KCA) reported.