Cotton buying falls

Trade turnover of cotton declined 44 percent to 6,200 bales (155 kilograms each) at the local markets after textile mill-owners slowed down buying on the hope the price may fall in the days to come, a dealer said on Wednesday.
“The falling cotton price at the world markets hopped the mill-owners that price of the commodity would decline at the local markets, as well,” said Taqi Abbas, a broker at the Karachi Cotton Exchange.
Price remained stable at the local markets at around Rs5,200 to Rs5,250 per maund (37.324 kilograms) for the last three to four weeks. Traders bought 6,200 bales at Rs4,700 to Rs5,200 per maund as compared to 11,000 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.