Pakistan cotton market witnessed improvement in the trade of cotton to 4,349 bales as the mill owners were back to the local markets purchasing cotton to keep their regular production operations going.
In fact, the mill owners resumed buying when their cotton inventories reduce next to nil, or they receive new sales orders.
According to the Karachi Cotton Association (KCA), traders bought a total of 4,349 bales at Rs3,450 to Rs4,950/maund (37.324 kilograms)as compared to 2,200 bales bought at Rs4,950/maund a day ago.
The KCA kept its official rate for cotton unchanged for the second working day at Rs4,750/maund.
In the ready session, trading activity improved slightly, as about 5000 bales of cotton changed hands between Rs 3450 and Rs 4950.
While, the seed cotton rates in Sindh at Rs 1600 and Rs 2300, in Punjab prices were at Rs 1700 and Rs 2500.
But it was noticed that many of the financially strong textile mills preferred buying Indian cotton to locally produced as they were better in quality.
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