Cotton trade improves

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Karachi : Trade turnover of cotton increased at the local markets, as spinning mill-owners are making considerable buying in the commodity for multiple reasons, a dealer said on Thursday.“Spinning mill-owners are buying cotton, as it is available at a price, which is lower than the imported one,” a dealer at the Karachi Cotton Exchange said.


The fresh round of depreciation in the rupee against the dollar, the availability of good quality cotton at reasonable price and receipt of fresh orders for the delivery of cotton yarn were some other reasons, he said.


Traders exchanged a total of 8,700 bales (155 kilograms each) at Rs6,700 to Rs6,800 per maund (37.324 kilograms) as compared to 5,400 bales traded at Rs6,675 to Rs6,800 per maund a day ago, the KCA reported.

 

The Karachi Cotton Association kept it cotton spot (average) rate unchanged for the second consecutive day at Rs6,700 per maund.At New York cotton market, October futures contract dropped by 0.60 cents per pound to 84.07 cents, while December futures contract decreased by 0.70 cents per pound to 83.67 cents, it said.



Courtesy:  The News


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