KARACHI: Amid wait and see policy by the traders, the cotton trade turnover declined to 14,600 bales (155 kgs each) 38 percent to a week low as a deceased in price of the commodity is likely in a couple of days in local market.
As per reports of the Karachi Cotton Exchange, the fall in price of cotton at world benchmark New York cotton market to a five-year low below 60 cents per pound has made the spinning millers to eye a decline in cotton price in local market.
The Karachi Cotton Association (KCA) reports that the price of December futures contract at New York fell by 2.21 cents per pound to 59.73 cents per pound.
The KCA said traders bought a total of 14,600 bales at Rs4,850 to Rs5,250 per maund (37.324 kgs) as compared to 23,600 bales bought at Rs5,000 to Rs5,300 per maund a day ago.
Meanwhile, the KCA kept its official rate unchanged for the third working day at Rs5,050 per maund.