Trade turnover of cotton improved to 800 bales (155 kilograms), while price of the commodity declined to Rs6,700 per maund at the local markets, a dealer said on Tuesday.
“Slight changes in trade turnover do not suggest actual trend in the trading arena. Similarly, slight increase seen in the last 24 hours is having no great meaning and should be considered as a routine business,” a broker at the Karachi Cotton Exchange said.
He said that the increase was seen after a couple of spinning mill-owners made a little buying as per their needs.
Traders exchanged a total of 800 bales at Rs6,500 to Rs6,700 per maund (37.324 kilograms) as compared to 200 bales traded at Rs6,000 per maund, the Karachi Cotton Association (KCA) reported.
Meanwhile, the KCA kept its cotton spot rate unchanged for the second working day at Rs6,700 per maund.