Cotton markets trade 5,000 bales

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Karachi  Cotton traders returned to the local markets and made moderate buying after yarn manufacturers-cum-exporters received some orders, a dealer said on Tuesday.


“Spinning mill-owners purchased cotton as per their requirements. Otherwise, the markets remain slow,” Naseem Usman, a broker at the Karachi Cotton Exchange (KCE), said.


He recalled that such markets remained virtually closed or witnessed little trade during the last few sessions due to worsening electricity crisis in the country.


Traders exchanged 5,000 bales (155 kilograms each) at Rs5,500 to Rs6,900 per maund (37.324 kilograms) as compared to 200 bales traded at Rs6,225 per maund a day ago, the KCE reported.


Khanpur witnessed the highest trade of 2,600 bales at Rs6,900 per maund on credit, while the same station traded 1,600 bales at Rs6,675 per maund on cash; Rahim Yar Khan and Chichawatni traded 400 bales each at Rs6,250 to Rs6,700 per maund; and Rajanpur traded 200 bales of low quality at Rs5,500 per maund, the KCE reported.

Courtesy:  The News

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