The Karachi Cotton Association (KCA) on Tuesday revised down its cotton spot rate by Rs50 per maund to Rs6,800 per maund after trade activities fell to nil on the previous day, a dealer said.
“The KCA decreased its rate, keeping in view lull at the local markets,” a broker at the Karachi Cotton Exchange said.
“The price may fall further, if trade situation persisted in the next one to two days,” he said.
He said that spinning mill-owners and exporters are not trading the commodity these days due to slowdown in the sale of cotton yarn and export the yarn and raw cotton.
In the last 24 hours, Faqi Wali was the only station, which reported trading in 400 bales (155 kilograms each) at Rs6,800 per maund. A day ago, the trade turnover had fallen to zero bales, the KCA reported. At New York cotton market, March futures contract surged by 1.27 cents per pound to 87.86 cents, while May futures contract increased by 1.19 cents per pound to 88.33 cents, it reported.