KARACHI, June 30: Amid lacklustre trading raw cotton prices finished lower in the local market on Monday. The buyers adopting a wait and see attitude in order to have a better judgement about the new crop size in a way is keeping pressure on prices.

Despite the fact that phutti arrival in lower Sindh has started picking pace, poor response from millers is keeping pressure over the prices. The cottonseed prices also came down in sympathy with phutti prices.

According to market sources, there was a sudden fall of Rs20 per 40 kg in cottonseed prices which was being quoted in the range of Rs360 to Rs370 as against Rs390 a couple of days ago.

However, some reports reaching here show that in Sindh phutti is being carried from fields to ginning factories in open, which has shaken the confidence of buyers, who feel that there was urgent need of attention towards the issue as it would damage the contamination-free cotton policy.

Around 20 to 25 trucks per day loaded with phutti are making their way from cotton growing areas from lower Sindh to ginning factories. However, it is also being reported that even phutti to Punjab is being carried in jute bags which was again against the government policy which only allows cotton bags for transportation of phutti from fields to ginning units.

As the cotton prices for second consecutive day remained under pressure the official spot rates of Karachi Cotton Association (KCA) were lowered by Rs15 per 40 kgs bag.

Though there was no business transaction in new crop but prices were quoted in the trading ring at around Rs2325 to Rs2350 per maund. However, a single lot deal of 800 bales from current crop changed hands at Rs2400 per maund which came from station Rori.

According to floor brokers it is a normal behaviour of the market during the transition period, which falls between the two crops — when old season crop is on way to diminish and there are a lot of apprehensions and fears as well as estimates about the coming new crop season.