KARACHI: The cotton trading picked up as a whopping 58 percent or 27,200 (155 kilograms each) surge has been witnessed in the local market. The development came due to huge buying of the commodity by the spinning millers who want to keep their mills functional before and after Muharram holidays (October 3-4).
According to reports, there are always issues in transporting cotton from markets to factories prior or during any holidays. That’s why millers are buying higher volumes ahead of all the holidays. Moreover, some of the spinning millers are building reserves of the commodity, keeping in view the high quality cotton is available at lower prices.
The millers are also in the hurry as the anticipate the price may go up if the Trading Corporation of Pakistan (TCP) announces higher rate for procuring the planned one million bales from ginners.
The trading may decline substantially in the last couple of days of the ongoing week due to transportation issues.
