Cotton prices fall

Karachi

Cotton price on Saturday dropped Rs50 to Rs5,350/maund (37.324-kilogram) due to low buying, dealers said.

In the ready session, at least 1,400 bales of cotton were finalised at Rs5,250 and Rs5,650/maund, as compared to 4,000 bales bought by spinners and exporters in the previous trade.

Cotton dealers said the market witnessed a thin trade amid continued higher prices of the cotton.      “There is a lack of buying interest from the spinners and exporters and they prefer to make selective deals,” said Naseem Usman, a broker at the Karachi Cotton Association.     “The traders’ wait-and-see approach is likely to be short-lived,” Usman said.  He added that exporters are expected to start buying in the coming session on account of shortage of cotton output.

The following major deals were made on ready counter: 400 bales from Bhandi made at Rs5,250/maund, 400 bales from Chistian at Rs5,275, 400 bales from Vehari at Rs5,350, and 400 bales from Faqir Wali at Rs5,350.