Pakistan cotton market witnessed raise in trade turnover at two week high

With some few big textile millers returned to local markets to purchase prime quality cotton available at a reasonable price, cotton market in Pakistan witnessed raise in trade turnover at two-week high of 31,800 bales (155 kilograms). As delay in purchase may cost traders lose the opportunity to acquire the available prime quality cotton.

Another reason to rejoin local markets to purchase was that the quality cotton is usually not available at lower price in the end of the cotton production season.

According to the Karachi Cotton Exchange trader, big textile mills returned to the markets, considering the prevailing price would not decline further in recent days.

The decline in the price was made in connection with the downward trend at the world cotton markets.

The Karachi Cotton Association (KCA) also revised down its official spot rate by Rs50 per maund (37.324 kilograms) to Rs5,100 per maund.

In ready cotton sales reported on Thursday, 2000 bales from Khairpur district in Sindh are said to have been sold at Rs 5000 / Rs 5100 per maund (37.32 Kgs). In the Punjab, 600 bales from Vihari were reported to have been sold at Rs 5050 / Rs 5100 per maund, 400 bales from Harunabad sold at Rs 5100 per maund, 1000 bales from Khanewal sold at Rs 5175 per maund, 400 bales each from Bahawalpur and Yazman Mandi sold at Rs 5200 per maund, while 1000 bales from Rajanpur were sold at Rs 5250 per maund.