KARACHI, Aug 21: Cotton market on Thursday remained under pressure on active ginner selling followed by reports of steady arrivals of phutti into the ginneries.

As a result the official spot rates were further lowered by Rs50 per maund at Rs4,025, but in physical trading some of the deals in Punjab type were finalised as lower as Rs3,950 to Rs4,000, dealers said.

Floor brokers said both mills and spinners remained active buyers and lifted about 20,000 bales offered between Rs4,000 and Rs4,050 per maund depending on the quality of lint.

“Lint prices, still ruling high as compared to international parity levels, are expected to come down in next couple of days as picking operations of phutti have further been intensified,” they said.

The interesting feature was that unlike the previous season, the Sindh type was being sold at a premium over its Punjab counterpart owing to better quality as it has escaped the mealy bug attack, they added.

Indications are that prices are expected to fluctuate between Rs3,000 to Rs3,500 per maund after the picking operations are resumed in the major growing areas including upper Sindh and the southern Punjab, market sources said.

However, spinners and mills are not inclined to take supply risks and are active buyers both at the decline and the rise after having purchased modest lots at Rs4,300 per maund early this month, they added.

Mill ready off-take was on the higher side amounting to about 20,000 bales as under:

SINDH TYPE: 1,000 bales and 2,000 bales, Hyderabad, Tando Adam,1,200 bales, Sanghar and 200 and 400 bales, Sinjoro and Jhole at Rs4,000 to Rs4,050, 1,000 bales, Mirpurkhas at Rs4,000 to Rs4,025, 1,200 bales and 2,000 bales, Shahdadpur at Rs4,025 to Rs4,075.

PUNJAB VARIETY: 1,200 bales, Vehari at Rs4,025, 1,000 bales, Burewala at Rs4,025 to Rs4,050, 1,000 bales, each Sahiwal and Bahawalnagar, at Rs4,000 to Rs4,050, 2,600 bales, Pak Pattan at Rs3,950 to Rs4,000, 200 bales, Gojra at Rs4,075, 600 bales, Khanewal at Rs4,000 to Rs4,050 and 600 bales, Chichawatni at Rs4,000 to Rs4,025.