As several textile mill owners have resumed buying cotton on conflicting reports that the supply of the commodity remained low during the last two weeks. According to cotton dealers, trade turnover of cotton spiked four-fold to 15,800 bales (of 155 kilogram each).
According to Naseem Usman, a broker at Karachi Cotton Exchange, the next fortnightly production report, which is scheduled to be unveiled tomorrow {Wednesday}, may reveal lower production in the last two weeks.
Also the country may face shortage of prime quality cotton, if not of poor qualities.
The Karachi Cotton Association (KCA) kept its official rate unchanged for the third working day at Rs4900/maund.
KCA reported traders bought 15,830 bales at Rs4,200 to Rs5,100/maund as compared to 4,700 bales bought at Rs4,500 to Rs5,150/maund a day ago.
The local cotton markets likely to run on their own perimeters, as the world benchmark cotton market (New York) will remain close due to holiday season.
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