Cotton buying up

Karachi
Trade turnover of cotton improved to 6,200 bales (of 155 kilogram each), as a number of traders returned to local markets and bought small number of bales to avoid a likely price hike, a dealer said on Friday.
“Prices may bounce like happening at leading world cotton markets,” said Naseem Usman, a broker at Karachi Cotton Exchange.
He said New York, the benchmark cotton market for traders across the world, maintained upward trend for the last four to five days. Earlier, prices at the international market declined to five-and-half year low around 57 cents/pound.
At New York, price of March futures contract increased 0.13 cents/pound to 59.57 cents/pound, while price of May futures contract improved 0.12 cents to 60.35 cents/pound, reported Karachi Cotton Association.
KCA said traders bought a total of 3,210 bales at Rs4,000 to Rs4,975/maund as compared to 3,210 bales bought at Rs4,500 to Rs4,900/maund a day ago.