Cotton spot rate remains flat
Karachi
Cotton prices continued to witness a firm trend in dull trading session on Wednesday, dealers said.
Trade volumes remained thin at the ready counter of cotton market and much of the activity revolved around buying of high grade lint variety.
The Karachi Cotton Association (KCA) kept the official spot rate unchanged at Rs5,400 per maund. Traders purchased 2,000 bales at Rs4,800 to Rs5,650 per maund as against 7,600 bales changed hand at Rs Rs4,425 to Rs5,650 a day before.
Dealers said cotton prices maintained the previous position as the ginners have held stock of unsold bales.
“The prices look to remain unchanged unless the unsold stocks get offloaded,” said a broker at KCA.
Domestic demand for the cotton also subdued and many spinning mills are meeting their needs through imports of this commodity.
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