The reports of short size of cotton crop this year has made a few textile mill-owners panic to have paid this season’s (June-March) highest price at Rs5,750/maund (37.324 kilogram), a dealer said on Thursday.
Textile mill-owners paid Rs5,600-5,750/maund for 1,000 bales at Mianwali trading station, reported the Karachi Cotton Association.
A dealer at Karachi Cotton Exchange said many textile mill-owners were eager to pay such higher prices only for “quality cotton.” Otherwise, many the mill-owners had opted to import the prime quality cotton at comparatively lower price from India.
This import factor and ginners’ demand for higher prices had caused 40 percent decline in trade activities at local markets.
Traders bought a total of 9,800 bales (of 155 kilogram each) at Rs5,350-5,750/maund as compared to 16,400 bales bought at Rs4,775-5,650/maund a day ago, KCA said.