Cotton trading remains

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Karachi : Trade turnover of cotton and its prices remained stable at the local markets, as spinning mill-owners continued to accumulate the commodity ahead of Eid holidays, a dealer said on Thursday.

 

Traders exchanged a total of 7,000 bales (155 kilograms each) at Rs6,540 to Rs6,600 per maund (37.324 kilograms) as compared to 10,800 bales traded a day ago at Rs6,550 to Rs6,600 per maund, the Karachi Cotton Association (KCA) reported. “Cotton trading remained steady, as the spinning mill-owners continued to buy the commodity to maintain inventories on the higher side,” Naseem Usman, a broker at the Karachi Cotton Exchange, said.

 

He said that the spinning mill-owners are maintaining stocks due to the forthcoming holidays on account of Eid, which is likely to observe on next Friday or Saturday. Moreover, cargo transport will also go off from roads after three to four days, and the mills could not move cotton from markets to mills. “The trading and transportation will normalise after about a week from Eid,” he said.

 

Meanwhile, the KCA kept its cotton spot (average) rate unchanged for the second consecutive day at Rs6,450 per maund.




Courtesy:   The News


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