KARACHI, Aug 20: Cotton market on Wednesday remained depressed as ginners again indulged in hasty selling for no apparent negative news from any relevant front.

A fall of Rs125 per maund in single session reflected the aggressive panic-selling by the ginners. The notable feature was that bulk of the business was finalised around the spot rates barring some few lots from the Punjab cotton belt which traded modestly higher for quality reasons.

However, some of the floor brokers attributed the fall to steady arrivals of phutti into the ginneries as most of the growers sold their stocks on spot rates rather than dumping it on unfixed basis.

“Phutti picking operations are said to be at a high pitch in lower Sindh and central Punjab cotton belt, where the crop is sown early, owing to warm weather,” they said.

But some others said the local lint rates were much higher than the prevailing international prices opening import outlets for the spinners and mills at competitive rates.

They said local prices well over Rs4,000 per maund were on the higher side and were based on fears of a short crop after reports of pest attack in the major producing areas.

However, leading farmers said the next month would be crucial as currently the crop was in flowering and bolls stage and extent of the damage would be known by end September.

The official spot rates were lowered by Rs125 per maund at Rs4,075 in line with those at which official business was carried out in the ready section.

New York cotton futures stayed weak on fresh trade selling and fell by 0.21 and 0.18 cents per lb for both the ruling October and the forward December contracts respectively at 64.95 and 67.19 cents.

Mill ready off-take was on the higher side totalling about 15,000 bales, the following being some of the notable deals.

SINDH TYPE: 1,000 bales, Tando Adam at Rs4,100 to Rs4,150, 3,000 bales, Shahdadpur at Rs4,075 to Rs4,125, 800 bales, Sultanbad, at Rs4,000 to Rs4,075, 200 bales, Mirpurkhas at Rs4,075, 600 bales, Sanghar at Rs4,080 to Rs4,100, 400 bales, Khipro at Rs4,075 to Rs4,100, 300 and 200 bales, Jhole and Sinjoro at Rs4,075.

PUNJAB VARIETY: 200 bales each Gojra, Mian Cahnnu, Bhawalnagar, at Rs4,100, 400 and 200 bales, Khanewal and Jhang at Rs4,150, 400 bales, Chichawatni at Rs4,100 to Rs4,125, 200 bales, Kassowal at Rs4,125, 400 bales, Haroonabad at Rs4,110, 200 bales, each Burewala and Garma Raja at Rs4,025 to Rs4,075.