Cotton buying increases

Karachi
Trade activities at the local cotton markets surged to a one-month high at 20,000 bales (155 kilograms each), as several textile mill-owners resumed buying on the fear of further increase in price in the days to come, a dealer said on Wednesday.
“Price of the most active March futures contract at New York has surged to a seven-week high at $62.51 per pound...trend suggests price may go further up,” said Taqi Abbas, a broker at the Karachi Cotton Exchange.
He said the surge in price of the commodity at the local markets to recent times high at Rs5,200 per maund (37.324 kilograms) was in line with the world trend.
The KCA has also revised up its official rate by Rs50 per maund to Rs4,950 per maund. The association said traders bought 20,285 bales at Rs4,650 to Rs5,200 per maund (37.324 kilograms) as compared to 11,800 bales bought at Rs4,600 to Rs5,100 per maund a day ago. The broker said the trade activities may go down in a day or two, but price would stay firm.