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April 21, 2016

Moderate trading at cotton market

Business

April 21, 2016

Karachi

The cotton market on Wednesday remained steady where moderate trading activity was witnessed, dealers said.

Transactions reported at the ready counter totalled 5,520 bales, which were lower than 11,630 bales during the previous session.

The official spot rate remained unchanged at 5,450/maund, equivalent to 37.324 kilograms.

Brokers said that the market remained flat owing to slow demand, as most spinners had already refilled their stocks.

The falling demand for cotton fibre aided the stable trend of prices. A daily report issued by the Karachi Cotton Association showed that quotations for the high quality of cotton were recorded at Rs5,150-5,700/maund.   However, prices for the low grade lint hovered at Rs3,400/maund. 

Traders see prices to remain move at the present level due to shortage of quality cotton in the market.

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