KARACHI: The Price of prime quality cotton fell by Rs100/maund (37.324 kilograms) to Rs5, 100/maund in line with the downward trend at the world markets, a dealer said.
“The New York cotton market has once again slipped below the important threshold of 60 cents per pound,” said Taqi Abbas, a broker at the Karachi Cotton Exchange.
Also, the decline in price is the result of low trade activities recorded during the last two to three weeks, he said.
Meanwhile, the KCA kept its official rate for cotton unchanged for the fourth working day at Rs4, 950/maund. Traders bought a total of 10,900 bales at Rs3,900 to Rs5,100/maund at the local markets as compared to 12,500 bales bought at Rs3,850 to Rs5,200/maund a day ago. The broker said the markets are expected to maintain downward trend in the near future. Meanwhile, price of March futures contract at New York market declined by 1.17 cents per pound to 58.98 cents per pound, the KCA reported.
