Cotton eases
 

Karachi



The cotton prices eased further on Wednesday as cotton seed started arriving at the ginning factories,

which would increase supply, analysts said. An analyst said the prices of the commodity are stable and the mi**r fluctuation is according to demand and supply situation. “The cotton prices had been surging in the past few days and a correction was imminent,” a dealer said. “The prices are already unjustifiably high.” The spot rates at the Karachi Cotton Exchange declined Rs50/maund, which was traded at Rs6,500/maund previously. Falling cotton prices attracted buying from spinners. Total 16,500 bales were traded in Sindh and the Punjab. The United States Department of Agriculture reduced the Pakistan’s 2016/17 cotton production forecast to eight million bales. _

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