Cotton attracts turnover

hot now

Karachi

The trading at the Karachi Cotton Exchange gained momentum on Tuesday as 14,760 bales were purchased by the millers in Sindh and Punjab. However, the spot rates remained unchanged at Rs6,650/bale while the commodity was actually traded at rates ranging from Rs6,700/bale to Rs7,100/bale.

Dealers said the market was extremely short of supply and the available commodity was of lower quality.

Taqi Abbas, a dealer, said due to limited supply the prices of the cotton were on much higher level as compared to the rates prevailing in the international market. 

“Cotton seed (phutti) from the fields of Punjab would start coming to ginners by mid-September, which would ease the supply and cotton rates would come down,” Abbas added.  It may be mentioned here that this year cotton cultivation remained significantly low as compared with last year and it was estimated that the production would also be short of the country’s estimated demand.