Cotton prices decline



The cotton prices fell further on Monday, as the Karachi Cotton Exchange reduced the spot prices by another Rs200 to Rs6,200/maund.

Brokers said cotton prices slide due to the lack of buying interest from spinners and exporters.

Falling cotton prices attracted some buying from the spinners, but the overall sentiment remained devoid of enthusiasm due to uncertain global and domestic market situation.

Khawaja Tanvir, a dealer, said generally the prices were firm and this was a temporary decline.

The spot rates declined by Rs200/maund, which was traded at Rs6,200 to Rs6,300. The turnover increased, as 16,400 bales were traded on Monday.

Brokers said phutti (seed cotton) has started arriving in the markets, but the spinners and exporters remained cautious in buying and making deals.