Cotton prices witness correction

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Karachi

Cotton prices witnessed slight correction on Friday due to lack of buying interest from the spinners and exporters, brokers said.

“The cotton prices had been surging in the past few days and a correction was imminent, as the prices are already unjustifiably high,” a dealer said.cotton1_0

Falling cotton prices attracted some buying from needy spinners, but overall sentiment remained devoid of enthusiasm as 10,200 bales were traded in Sindh and Punjab.  The spot rates declined by Rs100/maund, which was traded at Rs6,350 to Rs6,450.

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

Analysts said US government export projections are being called into question, as the pace of Chinese import demand slows.

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