Cotton trading picking up slowly as spinning mill-owners continued to buy the commodity to avoid a likely rebound in prices, a dealer said on Friday. Trade turnover witnessed improvement to 21,600 bales (155 kilograms each) against 21,000 bales a day ago in Pakistan.
According to a broker at the Karachi Cotton Exchange, spinning mill-owners continued to buy fresh stocks of cotton to avoid a likely rebound in the commodity price.
In the interim, the KCA kept its official spot rate unchanged for the third working day at Rs5,100 per maund (37.324 kilograms). Traders bought a total of 21,600 bales at Rs5,150 to Rs5,275 per maund as compared to 21,000 bales bought a day ago at Rs5,150 to Rs5,275 per maund, reported KCA.
The following are major deals reported to have changed hands on ready counter: 1,000 bales upper Sindh at Rs5,200, 1,000 bales Jahania at Rs5,150, 1,000 bales Haroonabad at Rs5,200, 1,000 bales Khanewal at Rs5,200 to Rs5,250, 1,400 bales Kot Addu at Rs5,250, 1,000 bales Eas Khail at Rs5,250, 1,600 bales Alipur at Rs5,250 and 3,000 bales Rajanpur at Rs5,250 to Rs5,275.
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