Related Keywords: avoided bulk buying, drop in price of cotton, Karachi Cotton Association, Karachi cotton exchange, local cotton markets in Pakistan, official rate unchanged, one month low, slowdown in sales of cotton yarn, textile mill owners
Local cotton markets in Pakistan witnessed drop in price of cotton to one month low at Rs4,800/maund (37.324 kilograms) as textile mill owners avoided bulk buying on Thursday.
The Karachi Cotton Association kept its official rate unchanged for the third consecutive working day at Rs4,500/maund. It reported maximum price at Rs4,780/maund from Rs4,825/maund a day ago.
Traders bought 9,400 bales at Rs4,550 to 4,780/maund as compared to 10,200 bales bought at Rs4,500 to Rs4,825/maund a day ago, the Association added.
