According to the statement given by dealer, the spot rate at Karachi Cotton Exchange for grade-three cotton remained unaltered at Rs 5, 700 per maund on Wednesday amid dull buying.

Further, the trader added that just 500 bales of Vehari exchanged hands for Rs 5, 725 per maund.

Moreover, some experts said that there was almost no cotton in the market and there was expectation for the closure of mills for some time.

Some spinning mills would be closed partially, a dealer said.

While talking to reporter, a trader said, “Pakistan’s monthly demand of cotton was around 1.3m bales, the new harvest would land in July after around 3.5 months, India’s cotton is expensive.”

In the meantime, the New York cotton market surged on Tuesday, where rate zoomed 1.90 cents per pound to 80.03 cents for May contracts, July contracts were increased by 1.98 cents per pound to 81.61 cents per pound from 79.63 cents on Monday.