Cotton prices drift lower
KARACHI, July 26: Cotton prices fell on Thursday, taking cue from the global trend along with higher arrival of phutti and brokers expect prices to continue to fall further in the short-term.
The Karachi Cotton Association also revised down its spot rate by Rs100 per maund to Rs5,830. Analysts said that there was lack of activity also due to the month of Ramazan.
The New York cotton futures closed near a one-month low on speculative sales triggered by a drop below a technical level.
The following transactions were reported on the ready counter on Thursday: 1,400 bales, Shahdad Pur at Rs5,750 to Rs5,800, 1,000 bales, Tando Adam at Rs5,750 to Rs5,800, 1,200 bales, Mirpur Khas at Rs5,700 to Rs5,800, 1,600 bales, Sanghar at Rs5,700 to Rs5,800, 800 bales, Hyderabad at Rs5,700 to Rs5,800, 200 bales, Silan wali at Rs5,500, 200 bales, Mongi Bangla at Rs5,525, 200 bales, Pir Mahal at Rs5,525, 200 bales, Garha Morr at Rs5,550, 800 bales, Burewala at Rs5,550 to Rs5,575.