Local cotton markets maintained sluggish trend in a wait for a decline in the commodity price in the days to come, a dealer said on Saturday. “Spinning mill-owners are waiting for a decline in cotton price after the supply of phutti (cottonseeds) increased to ginners,” a broker at the Karachi Cotton Exchange said. However, trading trend showed that the price of the commodity is improving at the local markets, he said, adding that ginners are not ready to sell cotton below Rs6,650 per maund (37.324 kilograms). Traders exchanged 3,800 bales at Rs6,650 to Rs6,700 per maund at the local markets as compared to 3,000 bales traded a day ago at Rs6,500 to Rs6,675 per maund, the Karachi Cotton Association (KCA) reported. The KCA kept its cotton spot (average) rate unchanged for the third consecutive day at Rs6,600 per maund. The broker said that keeping in view the downward trend at the local markets, the KCA may revise down its spot rate on Monday or Tuesday. At New York cotton market, October futures contract up by 0.29 cents per pound to 84.24 cents, while December futures contract lowered by 0.10 cents per pound to 84.08 cents, it added
Posted on: Mon, 26 Aug 2013 12:22:39 +0000
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