KARACHI: No movement was witnessed in the price of cotton on Thursday as there was limited demand from the spinners and exporters, brokers said.
The spot rates at the Karachi cotton exchange remained flat and cotton was traded at Rs6,650/maund.
Dealers said the phutti (seed cotton) had started arriving in the markets easing the supply.
The turnover stood at reasonable level with 12,300 bales being traded in the markets of Sindh and Punjab.
USDA has reduced Pakistan’s 2016/17 cotton production forecast to 8.0 million bales.
Analysts said US government export projections are being called into question, as the pace of Chinese import demand slows.
And stalling momentum in the New York cotton markets could encourage a wave of investor selling.