KARACHI, Oct 29: Cotton market on Saturday remained under pressure on renewed larger selling by the ginners as official spot rates were further lowered by Rs15 per maund.

In physical trading bulk of the buying interest was again confined to the Punjab variety for quality reasons, while a few deals were also reported in the central Sindh type.

Most of the deals in the Punjab type were finalized on an average rate of Rs2,350, while some of the fine lots were traded modestly higher at Rs2,365. Sindh variety was traded between Rs2,290-Rs2,300 per maund, below its Punjab counterpart.

Floor brokers said there appeared to be confusion among the growers as their weaker links were selling stocks of phutti at much lower rates apparently in an effort not to take risk.

“The lower rates at which ginners are getting phutti has increased their bargaining capacity in case of lint but spinners are too shrewd to let pass on the price advantage to ginners alone”, they said, adding “but spinners too demand their pound of flesh”.

Reports coming from the central Sindh cotton belt indicate that some of the ginners are not buying phutti from growers at the official procurement rate of Rs925 per 40 kg.

“The daily smart ready off-take reflects that both the ginner and the spinner have joined hands to outwit the growers on the price front despite talk of a lower crop”, cotton analysts said.

In the absence of private sector exporters owing to volatile world markets, spinners and the mills being the sole buyers appear to be in commanding position as far as the setting of daily lint prices is concerned, they said.

Private sector exporters have so far purchased 26,575 bales from the current crop up to Oct 23, and have physically shipped 19,329 bales against firm orders.

It was perhaps in this background that official spot rates were further lowered by Rs15 per maund but on the other hand New York cotton futures recovered from the recent lows and were quoted higher by 0.39 and 0.63 cents at 52.52 and 54.99 cents per lb for both the ruling December and the distant March contracts respectively.

Ready business was active totalling about 10,000 bales, the following being some of the notable deals: 200 bales, Daur at Rs2,290, 400 bales, each, Shahdadpur, Sakrand and Nawabshah at Rs2,300.

PUNJAB VARIETY: 400 bales each Muridwala, Mamon Kanjan, 200 bales, each Lodhran and Jahania, Khanpur, 400 bales, Khanewal, 200 bales, Arifwala, 400 bales, Gojra, Fort Abbas, 200 bales each D.G. Khan, Bahwalpur, Muhammadpur Dewan and 1,000 bales, Rahimyar Khan at Rs2,350, 600 bales, Uch Sharif and 1,000 bales, Bahawalpur at Rs2,350 to Rs2,365 and 400 bales, Janpur at Rs2,365.