Cotton buying shrinks

Karachi
Cotton buying reduced to several weeks low at 3,800 bales (155 kilograms each) after ginners demanded higher prices than the imported ones, dealers said on Monday.
"Many textile mill-owners did not take seriously the demand for higher prices, as they have an alternative option to import better quality cotton at comparatively lower prices," Girdhari Lal, a broker at the Karachi Cotton Exchange, said.
Ginners were demanding a price up to Rs5,800 / maund (37.324 kilograms) for quality cotton, while textile mill-owners paid not more than Rs5,600 / maund for the commodity, he said.
Another broker said the mill-owners may import cotton similar to local ones at a price around Rs5,500 to Rs5,600 / maund.
The Karachi Cotton Association; however, has revised up its official spot rate by Rs50 / maund to Rs5,300 / maund, keeping in view the current developments.