Cotton trading picked up at the Karachi Cotton Association (KCA) Wednesday as 28,000 plus bales were sold and spot rate saw a decline by Rs 20 per maund to Rs 2,400 per maund.
Leading mills and spinners were involved in hectic buying activity fearing rise in prices in the next few sessions to satisfy their commitments of delivery of yarn and textile products.
Ginners on the other hand expressed fears imported cotton may bridge demand supply gap of about 3 million bales thus leading the sales.
Punjab lint was in limelight while lint of Khairpur district traded at Rs 2,470 per maund. While market prices of physical transaction hovered between Rs 2,350 and Rs 2,425 per maund.
KCA informed that Bahawalpur (4000 nos) bales traded at Rs 2,450 per maund, Jahania stock of 1,000 bales were sold at Rs 2,450 per maund, Mianwali (400 nos) bales changed hands at Rs 2,450 per maund, 500 bales of Nawabshah at Rs 2,400 per maund, Sadiqabad variety of 2,000 bales went at Rs 2,450 per maund, 1,000 bales of Upper Sindh at Rs 2,450 per maund, 600 bales of Muridwala at Rs 2,450 per maund, 4,000 bales of Alipur at Rs 2,450 per maund and 2,000 bales of Rajanpur at Rs 2,450 per maund.
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