Improved cotton buying

Karachi

Cotton buying improved after a marginal decline in its prices, as spinners seen rushing to replenish their stocks at the prevailing low prices, dealers said on Monday.

The Karachi Cotton Association (KCA) revised down its official spot rate by Rs50 to Rs5,400 per maund.

The KCA reported traders purchased 5,500 bales (of 155 kilogram each) at Rs4,450 to Rs5,650 per maund  in the markets of Sindh and Punjab as against 2,400 bales exchanged at Rs4,600-Rs5,700/maund a day earlier. 

Dealers said that volumes, though, witnessed some improvement, but the trading remained confined to good quality lint, which was short in supply.

“Ginners kept the prices down in absence of premium quality cotton,” said a dealer. The textiles mills owners are meeting their requirements of yarn through imports.