KARACHI, Sept 15: Cotton prices ended lower on Saturday as the Karachi Cotton Association revised down its spot rate by Rs50 to Rs5,600 per maund since millers were on the sidelines as initial losses of damages to cotton crop were assessed.

Floods swept across 300,000 cotton acres in DG Khan, Rajanpur and Rojhan areas, and could bring Punjab’s cotton production down by 450,000 bales.

Only 600 bales of cotton were exchanged in Sindh at Rs5,600 to Rs5,650 and 3,400 bales in Punjab at Rs5,600 to Rs5,700. The following transactions were reported on the ready market on Saturday.

SINDH TYPE: 200 bales, Mirpurkhas at Rs5,600, 400 bales, Tandoadam at Rs5,600.

PUNJAB VARIETY: 800 bales, Bahawalpur at Rs5,600, 200 bales, Gaggomandi at Rs5,600, 200 bales, Tibasultanpur at Rs5,600, 200 bales, Arifwala at Rs5,600, 600 bales, Burewala at Rs5,600 to Rs5,675, 200 bales, Vehari at Rs5,600, 200 bales, Chichawatni at Rs5,625, 200 bales, Mianchano at Rs5,625, 400 bales, Khanewal at Rs5,750 and 400 bales, Jhang at Rs5,750.