Cotton trading remains low

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KARACHI: Cotton trading remained low at the open market after industrial units in Punjab were kept closed due to electricity and gas suspension, said a dealer on Wednesday.

 

“The closure of industries in Punjab resulted in low trade in cotton,” said Naseem Usman, a broker at the Karachi Cotton Exchange. “Industries are lying closed due to unavailability of electricity and gas.”

 

Therefore, spinning mill-owners bought only 9,200 bales against 11,400 bales bought on the last working day on Monday.

 

The minimum price of the commodity fell to Rs5,300 per maund against Rs5,800 per maund, while the maximum price remained unchanged at Rs6,100 per maund at the open markets, according to the KCE.

The Karachi Cotton Exchange; however, kept its spot rate unchanged for the seventh consecutive working day at Rs6,000 per maund.

 

Upper Sindh (BCI) witnessed highest trade of 2,000 bales at Rs6,100 per maund followed by Bahawalpur, which traded 1,400 at Rs5,825 per maund, according to the KCE.

 

Other markets in the country traded the commodity in the range of 200 bales to 1,000 bales each, it added.

 

Courtesy:  The News


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