Cotton buying remains slow

Karachi
Trade turnover of cotton remained low at 3,200 bales (155 kilograms each) at the local markets, despite drop in production due to the ongoing rains and floods in different parts of the country, a dealer said on Wednesday.
"Pick up in sale of cotton yarn is a must for the revival in cotton trade," Naseem Usman, a broker at the Karachi Cotton Exchange, said.
Another, but less important reason for low buying is production of poor quality cotton. "New phutti (seed cotton) is wet due to the ongong rains," he said, adding that high quality cotton is also available in the market.
Traders bought 3,200 bales at Rs4,700 to Rs4,900 per maund (37.324 kilograms) as compared to 3,100 bales bought at Rs4,700 to Rs5,000 per maund, the Karachi Cotton Association (KCA) reported.
The KCA kept its official spot rate unchanged for the second working day at Rs4,650 per maund.