Monday May 27, 2024

Cotton buying declines


By our correspondents
April 18, 2015

Cotton buying declined by 55 percent to 1,800 bales (155 kilograms each) at the local markets, amid price remained stable at Rs5,500 per maund, a dealer said on Friday.
“The decline in buying is no surprise, as it usually happens during off-season (April-June)...more important is that price remained stable,” a broker at the Karachi Cotton Exchange said.
The stable outlook of price convinced the buyers that they may place buying orders next day, he said, adding the cotton markets would move in accordance with the cotton yarn manufacturing industry. “The yarn sales are slow these days,” he said. Traders bought 1,800 bales at Rs4,900 to Rs5,500 per maund as compared to 4,000 bales bought at Rs4,600 to Rs5,600 per maund, the Karachi Cotton Association (KCA) reported. The KCA kept its official spot rate unchanged at Rs5,300 per maund.
At New York cotton market, price of May futures contract declined by 0.58 cents per pound to 64.01 cents per pound, the KCA reported.