Cotton prices ease

Karachi

Cotton prices eased on Thursday in line with the correction at the New York Cotton Exchange, brokers said.

Prices after crossing Rs7,000/maund early this week, eased by around Rs200 and the commodity was traded at Rs6,650/maund to Rs7,000/maund.

Taqi Abbas, a dealer, said the New York Exchange was under pressure, while the government of India has started selling its stock to the local millers.

“The trend at New York directly impacts the local commodity prices.” “Indian millers are now buying cotton from their government and their import demand is eased.”

The market witnessed a substantial increase in turnover where 11,700 bales were traded at Sindh and Punjab stations.

Abbas said that the cotton prices in Pakistan are unjustifiably high, adding that a correction of around Rs300/maund is foreseen going forward.