Pakistan cotton market on Monday witnessed recovery in its cotton prices by Rs100 per maund (37.324 kilograms) to Rs5,010 per maund at the local markets due to upward trend at world market.
New York cotton (futures) market amid increase in demand for the commodity there maintained upward trend, according to brokers at the Karachi Cotton Exchange.
The Karachi Cotton Association (KCA); however, kept its official spot rate unchanged on the second working day at Rs4,900 per maund.
Traders bought 4,700 bales (155 kilograms) at Rs4,500 to Rs5,150 per maund, the KCA reported.
But several textile mill-owners continue to import the commodity from the United States, India and other parts of the world instead of buying it from the local markets.
According to the brokers, trade activities at cotton market would remain dull till the new crop comes in June-July, as this is off-season for the commodity production in the country.
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