KARACHI, Oct 23: Cotton prices on Thursday suffered fresh fall of Rs50 per maund as a section of ginners continued to unload long positions amid uncertain consumption perceptions of mills, analysts said.

Most of the deals were finalised at Rs3,175 per maund on the lower side and Rs3,250 on the higher side depending on the quality of lint.

The prevailing uncertainty on the world commodity markets and a perceptible decline in exports because of steep fall in the rupee value worried ginners who were not inclined to hold long positions, they said.

“Prices may not fall further but both the growers and the ginners are not inclined to sit on their finished stocks and are passing on the buck to the other to stay clear,” they said.

Floor brokers said the other factor which continued to inspire ginner selling was steady increase in arrivals of phutti as growers were dumping it mostly on an unfixed basis amid fears of fresh fall in prices, they said.

Prices of phutti had steadily fallen from the seasonal peak level of Rs2,000 per 40 kg to Rs1,600 during the last couple of weeks.

But the chief destabilising factor behind the persistent decline in phutti prices was said to be turmoil on the New York cotton market where future contracts were showing highly erratic price movements, they added.

Official spot rates were again revised downward by Rs50 at Rs3,250 per maund in line with those at which ready business was being transacted.

Mill ready off-take was maintained on the higher side amounting to well over 20,000 bales, the following being some of the notable deals:

SINDH TYPE: 1,000 bales, Khairpur at Rs3,225 to Rs3,250, 1,600 bales, Shahdadpur at Rs3,200, 1,200 bales, Tando Adam at Rs3,175 to Rs3,200, 1,000 bales, Sanghar at Rs3,170 to Rs3,200, 1,000 bales, Nawabshah, 400 bales each Hyderabad, Shahpur Chakkar and Hala at Rs3,200, 1,200 bales, Mirpurkhas at Rs3,125 to Rs3,175.

PUNJAB VARIETY: 1,000 bales, Pak Pattan at Rs3,200 to Rs3,250, 1,000 bales, Rahimyar Khan at Rs3,275 to Rs3,300, 400 bales, Liaquatpur at Rs3,300, 1,000 bales, Khanewal at Rs3,300 to Rs3,325, 600 bales, Rajanpur at Rs3,250 to Rs3,300, 800 bales, Alipur at Rs3,200 to Rs3,250, 400 bales each Sahiwal, Mian Channu, Jahania and 1,000 bales, Burewala at Rs3,250.