Cotton trade turnover at two months low due to year ending

YarnsandFibers News Bureau 2015-12-27 13:00:00 – Karachi

With majority of textile mill-owners staying busy with year-end closing activities trade turnover of cotton remained at two months low at 3,200 bales (of 155 kilogram each), said dealers on Saturday.

The Karachi Cotton Association reported traders bought 3,200 bales at Rs4,900-5,500/maund (37.324 kilogram) as compared to 11,635 bales bought at Rs4,900-5,600/maund on the previous working day (Wednesday).

According to Naseem Usman, a broker at Karachi Cotton Exchange, the trade activities would remain close next week as well with textile mill-owners busy clearing {cotton} import payments of banks ahead the year-end closing on December 31. Increased buying may take place only next year {January 2016}.

In fact the outgoing week witnessed depressed buying due to additional holidays on accounts of 12th Rabi-ul-Awal and Quaid-e-Azam birth anniversary on Thursday and Friday, respectively

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