Price of high quality cotton declined by Rs150 per maund (37.324 kilograms) to Rs6,850 per maund at the open markets in Pakistan, while the decline helped recover trade turnover of the commodity to 2,400 bales (155 kilograms), a dealer said on Monday.
“The price of cotton fell after spinning mill-owners halted buying at previous higher rate of Rs7,000 per maund,” a broker at the Karachi Cotton Exchange said.
The decline in price helped generate a turnover of 2,400 bales, which declined to mere 400 bales and 600 bales on the previous Friday and Saturday, respectively, he said.
The price had gone up on sudden increase in trade activities on reports of delay in cotton sowing and trading time in the country, he said. Traders exchanged 2,400 bales at Rs6,800 to Rs6,850 per maund as compared to 600 bales traded at Rs7,000 per maund on Saturday, the Karachi Cotton Association (KCA) said.
Source:The News International