KARACHI (APP) - Cotton price plunged by 1,200 to ease at Rs 8800 per maund this week after touching peak at Rs 10,000 on Nov 22, mainly due to fluctuation in NY Cotton, brokers said here on Saturday. Chairman, Cotton Brokers Forum Naseem Usman said that the market witnessed extraordinary fluctuation in cotton prices in the last one week. On Monday, cotton prices hit the peak at Rs 10,000 per maund on high NY Cotton Exchange rates, but slipped by Rs 1200 on falling international prices. He said spot rates of Karachi Cotton Association (KCA) closed at Rs 8,500 per maund on weekend. Cotton was traded between Rs 8,200 to Rs 8,800 per maund in Punjab and Sindh on the weekend. Good quality phutti price ranged between Rs 3,500 to Rs 3,900 per 40 kg while binola price closed lower at Rs 1025 to Rs 1100 per maund in Sindh.