KARACHI: Cotton prices slightly came under pressure on Wednesday in line with world markets where China is reported to have released some of its cotton stock for auction.
After the news most world cotton markets came under pressure and closed easy. As a result, cotton prices on the domestic market fell by around Rs50 to Rs200 per maund.
Similarly, most world cotton markets also closed easy under the lead of New York cotton which lost two cents per lb.
The current spell of rains has almost stopped across the country without causing any major damage to the standing cotton crop, brokers said.
However, there are rweports that since the cotton crop in Sindh is at flowering stage, some moisture content was expected in phutti (seed cotton), brokers added.
Rains will prove good for the standing crop and higher yield was expected to be achieved even though less area had been brought under cotton sowing this season.
