Cotton prices fall on slow demand

Karachi

Cotton prices fell on Wednesday due to the slowdown in the demand from spinners, brokers said.

The market started to decline after making sharp gains during the last few sessions, as traders remained reluctant to indulge in big deals.

Trade volumes were thin and at least 3,000 bales exchanged over the ready counter.

Most of the deals were traded around Rs5,000/maund.

The Karachi Cotton Association (KCA) slashed the benchmark spot rate by Rs50 to Rs5,600/maund.

Brokers said that several leading spinners remained on the sidelines, as they had already replenished their stocks amid lint shortage in the market.

The spinners and exporters preferred to make lots in low quality cotton to meet their requirement.