Cotton buying declines

KarachiTrade turnover of cotton declined by over 40 percent to 5,900 bales (155 kilograms each), as majority of big textile mill-owners quit the local markets after building stocks for long-term use, a dealer said on Thursday.“Most of the big textile mills are covered till next September,” said Taqi Abbas, a

By our correspondents
March 06, 2015
Karachi
Trade turnover of cotton declined by over 40 percent to 5,900 bales (155 kilograms each), as majority of big textile mill-owners quit the local markets after building stocks for long-term use, a dealer said on Thursday.
“Most of the big textile mills are covered till next September,” said Taqi Abbas, a broker at the Karachi Cotton Exchange.
He said the new crop will start arriving in the markets in June, but matured cotton would come later.
Traders bought 5,900 bales at Rs4,800 to Rs5,200 per maund (37.324 kilograms) as compared to 10,100 bales bought at Rs4,200 to Rs5,250 per maund a day ago, the Karachi Cotton Association (KCA) reported.
The KCA kept its official spot rate unchanged for the fourth working day at Rs5,000 per maund. At the world benchmark cotton market, New York, price of March futures contract fell by 0.12 cents per pound to 63.61 cents per pound, the KCA reported.