About 7000 bales changed hands with average trade at Karachi cotton market, yesterday. The spot rate remained at Rs2375 per maund.
During the session, major mills and spinning factories bought fine quantity at slightly higher rates, said a senior trader.
He also added that following the better condition of existing crop, import needs would be reduced.
Though the size of crop would be about 12.5 million bales, it would be less in comparison to previous year.
Fine lots of cotton were traded above the market spot rate about Rs2420 per maund. Prices of physical market remained between Rs2300 per maund and Rs2400 per maund.
A trader suggested creation of technical committee for the production of contamination-free cotton.
Moreover, necessary reforms to the Cotton Control Act are required to ensure marking of grade and staple on each bale, he said.
1000 bales of Lodhran were sold at Rs2400 per maund, 2000 bales of Rahimyar Khan at Rs2400, 1200 bales of Rajanpur at Rs2370, 2000 bales of Rohri at Rs2410 and 1000 bales of Sadiqabad were sold at Rs2390 per maund, according to the Karachi Cotton Association.
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