Karachi: The Trading trend has resumed and textile mill owners have started buying cotton. The Karachi Cotton Association (KCA) reported traders bought 15,830 bales at Rs4,200 to Rs5,100/maund as compared to 4,700 bales bought at Rs4,500 to Rs5,150/maund.
“The next fortnightly production report, which is scheduled to be unveiled tomorrow, may reveal lower production in the last two weeks,” said Naseem Usman, a broker at Karachi Cotton Exchange.
Usman said the country may face shortage of prime quality cotton, if not of poor qualities.
KCA kept its official rate unchanged for the third working day at Rs4,900/maund.
The broker said local markets will run on their own perimeters, as the world benchmark cotton market (New York) will remain close due to holiday season.
