Cotton trading declines

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Karachi  Trade turnover of cotton fell to mere 1,500 bales (155 kilograms each) at the local cotton markets after the price of the commodity reverted back on the higher side, a dealer said on Thursday.


“The increase in cotton price resulted in decline in the commodity’s trade turnover,” a broker at the Karachi Cotton Exchange (KCE) said.


The minimum price of cotton surged to Rs6,200 per maund from Rs5,850 per maund a day ago. Similarly, the maximum price rose to Rs6,750 per maund from Rs6,575 per maund a day ago, the KCE reported.


Traders exchanged 1,500 bales at Rs6,200 to Rs6,750 per maund as compared to 18,000 bales traded at Rs5,850 to Rs6,575 per maund a day ago, it reported.


Mianwali traded 500 bales at Rs6,300 per maund; Hyderabad, Khipro, Hingorja, Dunia Pur and Ghotki traded 200 bales each at Rs6,200 to Rs6,500 per maund; while Khanpur also traded 200 bales but at Rs6,750 per maund on credit, the KCE reported. At New York cotton market, July futures contract decreased by 0.44 cents per pound to 83.42 cents, while October futures contract improved by 0.19 cents per pound to 84.15 cents, it added.

Courtesy:  The News

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