Moderate cotton buying

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Karachi  The local cotton markets witnessed moderate buying, as the demand for the commodity from spinning mills remained low, a dealer said on Wednesday.

 

“Spinning mills are buying cotton as per their needs,” Naseem Usman, a broker at the Karachi Cotton Exchange (KCE), said. “Mills are not building long-term positions these days as they are waiting for arrival of new crop to the markets.”

 

A few of the spinning mills are reported to have bought new cotton crop in future deals but majority of the mills are still waiting for the crop, he said.Traders exchanged 3,200 bales at Rs5,900 to Rs6,700 per maund as compared to 5,300 bales traded at Rs5,800 to Rs6,800 per maund a day ago, the KCE reported.

 

Accordingly, Sadiqabad traded 1,400 bales at Rs6,700 per maund; Ahmed Pur traded 1,000 bales at Rs6,700 per maund; and Sanghar, Mehrab Pur, Rajan Pur, and Bahawalpur traded 200 bales each at Rs5,900 to Rs6,700 per maund, it said.Meanwhile, the KCE kept its cotton spot (average) rate unchanged for the second consecutive working day at Rs6,500 per maund.



Courtesy:   The News


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