Cotton prices were mostly stable in Pakistan local market

With cotton price maintaining stability, many medium-size textile mills continued to make need-based buying on day-to-day basis due to availability of limited working capital with them, a dealer said on Saturday.

In the local markets, trade turnover of cotton remained moderate at 5,900 bales (of 155 kilogram each).

Majority of the trade deals were made for a few hundred cotton bales across the country, said a broker at Karachi Cotton Exchange.

According to KCA report, traders bought 5,100 bales at Rs4,200 to Rs5,300/maund as compared to 5,900 bales bought at Rs4,000 to Rs5,200 a day ago.

While, prices were mostly stable at around Rs5,200/maund (37.324 kilogram), a couple of buyers agreed to pay up to Rs5,300/maund on credit-deals for high quality cotton.

The trade people said that price stability in cottonseed would provide an opportunity to the ginners to start bargaining, but most of them would prefer to negotiate on normal terms.

Prices of better grade cotton would likely to go up and stay at around Rs 5,250-5,275 per maund, as most of the leading ginners would bring out stockpile of better grades, said Shakeel Ahmad a fibre expert. This would probably due to the demand from textile sector for production of textile made ups and garments and reportedly there would be no plenty of better grade by March-end.