Majority of spinning mill-owners stayed out of the cotton markets looking ahead for revival in sales of cotton yarn, due to which the cotton trading at the local market witnessed slow move on Tuesday at Karachi cotton market.
According to the Karachi Cotton Association (KCA) report traders exchange 6,140 bales (155 kilograms each) at Rs5,800 to Rs7,000 per maund as compared to 3,600 bales traded at Rs6,875 to Rs6,900 per maund the previous day
While brokers at the Karachi cotton exchange said the cotton markets maintained cool and calm. They see cotton trading to remain dull till the sale of cotton yarn is revived.
Yarn manufacturers had prepared significant volume of the yarn on assumption that China would make bulk buying of the yarn at the end of Chinese annual holidays. However, their assumption proved wrong and the manufacturers are still having significant volume of yarn in stock for sale.
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