After price of commodity declined at the open markets in Pakistan, the Karachi Cotton Association (KCA) also revised its cotton spot (benchmark) rate by bringing it down to Rs6050 per maund a reduction of Rs100 per maund.
The KCA decreased its spot rate in line with the downward trend in the commodity price at the open markets in Pakistan. Thee price of the commodity has decreased by around Rs150 per maund to Rs6,150 per maund at the markets.
Traders exchanged a total of 5,800 bales at Rs6,025 to Rs6,175 per maund as compared to 6,000 bales traded at Rs6,150 to Rs6,250 per maund on Saturday, as per the KCA report
Buyers are expecting cotton price in Sindh and Punjab between Rs5,900 to Rs6,000 per maund,” The arrival of poor quality cotton is not convincing spinning mill-owners to buy the commodity at a price, which is higher than Rs6,150 per maund.
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