KARACHI, June 2: Cotton prices on the Karachi Cotton Exchange on Saturday were lowered by Rs25 per maund partly in line with the new crop from the lower Sindh ginneries and partly to quality factors.

Not all the lots being offered by the ginners of southern Punjab or upper Sindh are of low-mix, but forward deals in new crop around Rs2,500 per maund have forced the official rate committee to revise them downward, floor brokers said.

But light ready business showed ginners are still holding fine lots and are selling inferior lots around the lower rates hoping a surge in prices of fine lots at the fag-end of the season, they added.

According to market sources, some of the ginners still hold an unsold stock of about 0.2m bales and intend to hold on until the official import figures are known.

The official figures available from the Federal Bureau of Statistics show that 0.357m bales of lint have been imported since Aug 2, 2006 to April 2, 2007 by the mills and the spinners.

But unofficial sources claim imports deals worth Rs30 billion have been signed by the spinners with the foreign suppliers and bulk of which has already arrived into their godowns.

Meanwhile, reports reaching here from the lower Sindh cotton belt indicate that growers reported pest attack in some of the areas but steps have been taken by both the official sources and the growers to check it after regular spraying of recommended chemicals.

In the Punjab cotton belt, notably southern cotton belt more than 50 per cent of sowing of new crop has been done and the entire operation is expected to be completed with in the official deadline of June 5, market sources said.

Ready off-take was light totaling about 2,500 bales, both the current and the new crop. New crop for Aug 15, delivery was sold at Rs2,500, while some of the lots of current crop changed hands around Rs2,600 for fine type.