Pakistan local markets witnessed renewed demand in almost all kinds of cotton after traders found the offered prices attractive. Trade turnover of cotton increased doubled to 6,000 bales (of 155 kilogram each), as several textile mill-owners found the offered price attractive to have bought the commodity, said a dealer at Karachi Cotton Exchange on Tuesday.
A few exporters took positions in low quality cotton.
The Karachi Cotton Association kept its official rate unchanged for the third working day at Rs5,450/maund.
Following deals were reported, traders bought 6,016 bales at Rs4,350 to Rs5,600/maund (37.324 kilogram) as compared to 2,854 bales bought at Rs5,400 to Rs5,500/maund a day ago.
On the global front, at New York cotton market, price of July futures contract dropped 0.77 cents/pound to 65.39 cents/pound, while price of October futures contract also inched down 0.77 cents/pound to 65.29 cents/pound.
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