Low participation of spinning mill-owners in cotton trading continues waiting for a decline in cotton price had kept the cotton trading turnover at low.
Traders exchanged mere 4,863 bales (of 155 kilogram each) at Rs5,800 to Rs7,050 per maund as compared to 6,140 bales traded at Rs6,700 to Rs7,050 per maund a day ago, according to Karachi Cotton Association.
The Karachi Cotton Association on Thursday fixed the official spot rate or base price for Grade 3 cotton at 7,395 rupees per maund (40 kg).
Cotton analyst, Naseem Usman said that ginners were sidelines as they were not in a hurry to sell at the present level. The other main concern is availability of Indian cotton at the low rates.
The ginner may be forced to reduce cotton price in days to come with the downward trends going on at the world benchmark cotton market, New York, and low sales of Pakistan cotton-yarn.
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