Cotton trading picks momentum

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Karachi  Local cotton markets witnessed improvement in trade turnover despite the fact that price of the commodity continued to increase, a dealer said on Wednesday.


“Traders continued to accumulate cotton on the hopes of improvement in the economy after the incoming government is formally installed in the centre,” a broker at the Karachi Cotton Exchange (KCE) said.


Traders exchanged 5,651 bales (155 kilograms each) at Rs5,200 to Rs6,900 per maund (37.324 kilograms) as compared to 3,684 bales traded at Rs5,635 to Rs6,600 per maund a day ago, the KCE reported.


Khairpur witnessed the highest trade of 1,000 bales at Rs6,500 per maund; Shahdadpur traded 800 bales at Rs5,900 per maund; Khanpur traded 600 bales at Rs6,900 per maund on credit; other markets of the country traded the minimum of 200 bales and the maximum of 600 bales, the KCE reported. Meanwhile, the KCE kept its cotton spot (average) rate unchanged for the eighth consecutive working day at Rs6,400 per maund. At New York cotton market, July futures contract fell by 0.72 cents per pound to 80.70 cents, while October futures contract decreased by 0.47 cents per pound to 83.13 cents, it said.

Courtesy:  The News

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