KARACHI: Cotton buying has surged by 75 per cent to 17,200 bales (155 kilograms each) as prices declined to Rs5,600/maund (37.324kg) from season’s high at Rs5,750/maund a day ago.
More importantly, around 70 percent trade deals took place in a price band of Rs5,300-5,450/maund. He said quantum of buying went down when prices shot in near past, as textile mill-owners had option to import better quality cotton at comparatively low price.
The Karachi Cotton Association (KCA) reported traders bought 17,200 bales at Rs5,300-5,600/maund as compared to 9,800 bales bought at Rs5,350-5,750/maund a day ago. The KCA kept its official spot rate unchanged for the fourth working day at Rs5,350/maund.
