Cotton trade turnover remained stable

Cotton buying remained stable with textile mill-owners continuing to make day-to-day buying depending on their everyday need, a dealer said on Wednesday. At the local market the trade turnover of cotton maintained stability at 3,500 bales (155 kilogram each).

According to brokers at the Karachi Cotton Exchange, medium to small size cotton yarn manufacturers, on an average, are buying up to 5,000 bales per day, while some of the big textile mill-owners are also in the markets for selling the commodity from their reserves built at a comparatively cheaper rate.

The official spot rate at the KCA remained unchanged for the second working day at Rs5,500 per maund.

The Karachi Cotton Association (KCA) reported that traders bought 3,500 bales at Rs4,000 to Rs5,600 per maund as compared to 3,500 bales bought at Rs4,900 to Rs5,800 per maund a day ago.

On global front, at the New York cotton market, price of July futures contract decreased by 0.57 cents per pound to 64.35 cents per pound, while price of October futures contract dropped by 0.88 cents per pound to 65.90 cents per pound as per KCA.