Karachi
Trade turnover of cotton dropped 29 percent to 2,100 bales (of 155 kilogram), as many textile mill owners slowed buying in the absence of buying orders for cotton-yarn, a dealer said on Wednesday.
“The export of cotton yarn remained slow due to no more big orders from China (the biggest buyer of the yarn),” said a broker at Karachi Cotton Exchange.
He said China relies more on its reserves of cotton and cotton yarn.
In addition to this, imposition of the levy of gas infrastructure development cess has created negative sentiment in cotton and cotton yarn manufacturing sectors.
The Karachi Cotton Association reported traders bought 2,100 bales at Rs3,800 to Rs5,600 per maund as compared to 3,000 bales bought at Rs5,175 to Rs5,700 per maund a day ago. The association kept its official rate unchanged for the second working day at Rs5,400/maund.