Cotton prices ease further
 

Karachi

The cotton prices eased further on Thursday, as cotton seed has started arriving at the ginning factories, which would increase supply. An analyst said the prices of the commodity were stable and themi**r fluctuation was according to demand and supply situation. “The cotton prices had been surging in the past and a correction was imminent, as the prices are already unjustifiably high,” a dealer said. The spot rates at the Karachi cotton exchange declined by Rs50/maund, which was traded at Rs6,500/maund. Falling cotton prices attracted buying from needy spinners as 14,700 bales were traded in Sindh and Punjab. USDA has reduced Pakistan's 2016/17 cotton production forecast to 8.0 million bales. Growers have sown more corn and sugarcane this season and reduced cotton acreage._

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