Cotton price declines

KarachiCotton's price decreased by Rs100 per maund (37.324 kilogram) to Rs5,400 per maund at local markets after textile mill-owners refused to pay higher than the price prevailing at world markets, said a dealer on Monday. "Members of All Pakistan Textile Mills Association at a meeting have decided not to pay

By our correspondents
October 13, 2015
Karachi
Cotton's price decreased by Rs100 per maund (37.324 kilogram) to Rs5,400 per maund at local markets after textile mill-owners refused to pay higher than the price prevailing at world markets, said a dealer on Monday.
"Members of All Pakistan Textile Mills Association at a meeting have decided not to pay price higher than Rs5,300 per muand, which is equivalent to cotton price at international markets," said Naseem Usman, a broker at Karachi Cotton Exchange.
Despite of this, many traders paid prices higher than the set benchmark, according to Karachi Cotton Association report.
Last week, the price has surged to this season (June-March) peak at Rs5,500 per maund at open markets on reports of short crop this year.
Keeping in view the development, the Karachi Cotton Association has revised down its official rate by Rs50 per maund to Rs5,200 per maund. The KCA added traders bought 15,200 bales (of 155 kilogram each) at Rs4,800 to Rs5,400 per maund.