Cotton prices decline

Karachi

The cotton market has normalised, as the commodity prices have declined further by Rs150/maund on Tuesday on better supply. Analysts said sowing in Punjab is on time and the crop has started flooding the ginning factories, which increased the supply.

The spot rates at the Karachi Cotton Exchange declined by Rs150 to Rs6,050/maund. The declining commodity prices invited buying interest from millers and exporters and turnover also improved, as 18,200 bales were traded in Sindh and Punjab regions.

Dealers said cotton prices are adjusting in line with the international market, as New York Cotton Exchange is also adjusting.

Dealers said the prices are still on the higher side and it is expected that the rates would ease further, as Punjab had a bumper crop.