KARACHI: Cotton prices eased on Thursday in line with correction in New York Cotton Exchange, brokers said.
Prices after crossing Rs7,000/maund, early this week, eased by around Rs200 and the commodity was traded at Rs6650/maund to Rs7000/maund.
A dealer, said New York Exchange was under pressure while Government of India started selling its stock to the local millers. The trend at New York directly impacts the local commodity prices. Indian millers are now buying cotton from their government and their import demand is eased.
The market witnessed a substantial increase in turnover where 11700 bales were traded at Sindh and Punjab stations.
Dealers said that the cotton prices in Pakistan were unjustifiably high adding that a correction of around Rs300/maund was foreseen going forward.