KARACHI: With the declining price in the open market, the Karachi Cotton Association (KCA) revised cotton spot rate downwards by Rs50 per maund to Rs5,050 per maund.
According to reports, higher cotton production made the ginners to reduce price. It is to be noted that the KCA had decreased its rate by a total of Rs100 per maund in the last two days. In its previous fortnightly report, he Pakistan Cotton Ginners Association has reported an increase of over 10 percent in the commodity production to 8.38 million bales in the ongoing fiscal year. The increase has been recorded in the cotton production despite flash floods devastated cotton crop in different areas of Punjab.
According to the KCA, the traders bought a total of 20,800 bales at Rs4,900 to Rs5,250 per maund as compared to two-week high of 31,800 bales bought a day ago at Rs5,125 to Rs5,300 per maund.