Trade turnover of cotton remained stable at 3,500 bales (155 kilograms each) at the local markets, as textile mill-owners continued to make day-to-day buying depending on their everyday need, a dealer said on Wednesday.
“Medium to small size cotton yarn manufacturers, on an average, are buying up to 5,000 bales per day,” a broker at the Karachi Cotton Exchange, said, adding, some of the big textile mill-owners are also in the markets for selling the commodity from their reserves built at a comparatively cheaper rate. Traders bought 3,500 bales at Rs4,000 to Rs5,600 per maund as compared to 3,500 bales bought at Rs4,900 to Rs5,800 per maund a day ago, the Karachi Cotton Association (KCA) reported. The KCA kept its official spot rate unchanged for the second working day at Rs5,500 per maund. At the New York cotton market, price of July futures contract decreased by 0.57 cents per pound to 64.35 cents per pound, while price of October futures contract dropped by 0.88 cents per pound to 65.90 cents per pound, the KCA reported.