KARACHI: Cotton prices on Thursday remained under pressure in sympathy with world markets. There was lack of buying interest from spinners and exporters.
However, some needy spinners moved into the trading ring which resulted in moderate trading activity towards closing bells. The phutti (seed-cotton) prices also moved lower for both Sindh and Punjab varieties.
On the global front, the New York Cotton Exchange initially recorded gains but finished easy one cent per lb.
Brokers said that many spinners preferred to stay to the sidelines in the hope prices would decline further.