Cotton market pulled yarn manufacturers attention with the decline in cotton rates to make some buying, helping improve the situation of cotton trading turnover in Pakistan. It was low trade activities which had continued for the last many weeks impelled the ginners to reduce the price. The price of the commodity saw a decline by around Rs200 per maund to Rs6,800 per maund.
For the moment, the KCA tried to maintain its cotton spot rate at Rs6,850 per maund, remaining unchanged for the fifth working day.
Traders exchanged 2,031 bales (155 kilograms) at Rs6,300 to Rs6,800 per maund as compared to 1,000 bales traded at Rs6,800 to Rs7,000 per maund a day ago. The 2,031 bales included 400 bales exchanged at Rs7,000 on ‘credit’ at Hasilpur trading station, the Karachi Cotton Association (KCA) reported.
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