Related Keywords: building stock for long term use, decline, Karachi cotton exchange, majority big textile mill owners, new crop arrival in June, Pakistan cotton market, quitting local market, spot rate, trade turnover
With majority of big textile mill-owners quitting the local markets after building stocks for long-term use, the trade turnover of cotton witnessed decline by over 40 percent to 5,900 bales (155 kilograms each, according to dealers on Thursday.
Most of the big textile mills are covered till next September. Although the new crop will start arriving in the markets in June, but matured cotton would come later, said Taqi Abbas, a broker at the Karachi Cotton Exchange.
The KCA maintained its official spot rate for the fourth working day at Rs5,000 per maund.
