Pakistan cotton market witnessed decline in trade turnover of cotton as several textile mill-owners remained on the sidelines on ease in panic-related to anticipated price hike. The decline was by 43 percent to 11,500 bales (155 kilograms each) on Saturday.
According to Naseem Usman, a broker at the Karachi Cotton Exchange, the ease in cotton price worldwide influenced mill-owners to remain on the sidelines at the local markets.
The Karachi Cotton Association (KCA) kept its official rate for cotton unchanged for the second working day at Rs4,850/maund.
The KCA reported traders bought 11,500 bales at Rs4,700 to Rs5,100 per maund (37.324 kilograms) as compared to 20,100 bales bought at Rs4,625 to Rs5,100 per maund a day ago.
On Friday, trade activities spiked on panic buying on speculation that the inflated cotton price may go further up at the world markets, including New York, China, and India.
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