Cotton prices decline



Cotton buying has improved after a slide decline in its prices, as many of the textile mill-owners had halted fresh buying keeping in view the every second-day surging prices at local markets, said a dealer on Saturday.

“Ginners lowered {cotton) prices after volumes remained subdued,” said a broker at Karachi Cotton Exchange.

The Karachi Cotton Association (KCA) reported traders bought 16,600 bales (of 155 kilogram each) at Rs5,450 to Rs5,750/maund (37.324 kilogram) as compared to 14,200 bales bought at Rs4,650 to Rs5,800/maund a day ago. The KCA has kept its official rate unchanged for the third working day at Rs5,500/maund. The broker said ginners agreed to withdraw partial increase in prices after many textile mill-owners placed orders to import the commodity, as landed price of imported cotton was coming lower than the price of home grown cotton.