Karachi
Cotton buying reduced to several weeks low at 3,800 bales (155 kilograms each) after ginners demanded higher prices than the imported ones, dealers said on Monday.
"Many textile mill-owners did not take seriously the demand for higher prices, as they have an alternative option to import better quality cotton at comparatively lower prices," Girdhari Lal, a broker at the Karachi Cotton Exchange, said.
Ginners were demanding a price up to Rs5,800 / maund (37.324 kilograms) for quality cotton, while textile mill-owners paid not more than Rs5,600 / maund for the commodity, he said.
Another broker said the mill-owners may import cotton similar to local ones at a price around Rs5,500 to Rs5,600 / maund.
The Karachi Cotton Association; however, has revised up its official spot rate by Rs50 / maund to Rs5,300 / maund, keeping in view the current developments.