At the end of week, cotton market turnover remained low due to lack of buying interest from local spinners and mills. Cotton prices continued to move downwards on Saturday, amid fall in cotton yarn demand.
Traders bought near 1500 bales at the ready counter with prices plunging down to Rs5,300/maund. Brokers said that trader sentiments remained bearish as they preferred to make small transactions in accordance with their immediate demand.
The Karachi Cotton Association kept the spot rate unchanged at Rs5,500/maund.
The market failed to attract buying interest from local textile mills despite fall in prices.
While, on global front, cotton markets including China, India and the United States witnessed an upward trend and recorded gains on rise in buying.
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