KARACHI: With the supplies surging every day amid declining international prices, the cotton prices at the Karachi Cotton Exchange dropped below Rs6,000/maund.
Analysts said the sowing in Punjab was in time and the crop had started flooding the ginning factories, which increased the supply.
The spot rates at the Karachi Cotton Exchange declined by Rs100 to Rs5,950/maund. Declining commodity prices invited buying interest from millers and exporters and turnover also improved as 24,100 bales were traded in Sindh and Punjab regions.
Dealers said cotton prices were adjusting in line with the international market as the New York Cotton Exchange was also adjusting. Dealers said the prices were still on the higher side and it was expected that the rates would ease further as Punjab had a bumper crop.
