Cotton buying surges

KarachiTrade turnover of cotton surged 20 percent to 15,200 bales (of 155 kilogram) at local markets as many of the textile mill owners developed inventories to keep continue their production during the commodity’s off-season (March-June), said a dealer on Friday.“Those, who have yet not built inventories with prime quality cotton,

By our correspondents
February 21, 2015
Karachi
Trade turnover of cotton surged 20 percent to 15,200 bales (of 155 kilogram) at local markets as many of the textile mill owners developed inventories to keep continue their production during the commodity’s off-season (March-June), said a dealer on Friday.
“Those, who have yet not built inventories with prime quality cotton, are acquiring it ahead of the off-season,” said a broker at Karachi Cotton Exchange, adding the size of unsold cotton stock stood around 1.1 million bales in the current season.
Earlier, textile mill owners bought 13 million bales during the current season, while some half a million bales were exported. “We are estimating a total production of 14.6 million bales this fiscal year as against 14.3 million bales in the last year,” he said.
Traders bought 15,210 bales at Rs4,000 to Rs5,200/maund (37.324 kilogram) as compared to 12,700 bales bought at Rs4,475 to Rs5,200/maund a day ago, Karachi Cotton Association said.