KARACHI, Oct 24: Cotton market on Friday remained under pressure for the fourth session in a row as prices were quoted further lower by Rs50 per maund amid active ginner selling.

The price fell by Rs175 per maund during the week and analysts said the prevailing turmoil on the foreign cotton markets may continue to take its toll in the coming sessions also.

Some of the deals in the central Sindh lint were reported as low as Rs3,050 to Rs3,100 per maund depending on quality, but Punjab lint was traded around Rs3,250 per maund owing to its better quality and staple length, floor brokers said.

The cotton market seems to be slipping from the hands of growers in view of ongoing turmoil on world markets, and supply and demand factors will determine the price outlook on the local market, they said.

“The sympathetic fall in phutti (seed-cotton) prices from the seasonal peak level of Rs2,000 per 40 kg to Rs1,550 has sent shock waves among growers”.

Most of them have no holding capacity owing to lack of storage houses and godowns and are dumping their newly-picked phutti into the ginneries at the lower rates, which are also reflected in lint prices, they added.

The other contributory unsettling factor, which is depressing prices is said to be steady increase in phutti arrivals, indicating higher crop ideas, they said. “The highly erratic price movements on the New York cotton market owing to financial crisis in the US and Europe is also keeping the local market unsettled,” they said, adding growers and ginners were literally following the international price trend but were not inclined to hold onto long positions for fears of fresh fall”.

The New York cotton futures on Friday were quoted lower by 1.34 and 0.19 cents at 49.08 and 53.32 cents per lb for both the ruling December and the forward March contracts respectively.

Official spot rates were lowered by Rs50 at Rs3,200 per maund but in the ready section some of the deals were done well below it.

Mill ready off-take was active as till late in the evening another 20,000 bales changed hands as under:

SINDH TYPE: 2,000 bales, Shahdadpur at Rs3,100 to Rs3,150, 2,000 bales, Mirpurkhas at Rs3,050 to Rs3,150, 1,000 bales, Sanghar and 800 bales, Tando Adam at Rs3,100 to Rs3,150, 600 bales, Khipro at Rs3,125 to Rs3,150, 400 bales, Shahpur Chakar at Rs3,150, 600 bales, Hala at Rs3,100 to Rs3,150, 400 bales, Nawabshah at Rs3,150 and 1,000 bales, Khairpur at Rs3,100 to Rs3,150.

PUNJAB VARIETY: 1,000 bales, Rahimyar Khan at Rs3,200 to Rs3,250, 600 bales, Liaquatpur and 800 bales, Khanewal also at this rate, 400 bales, Chichawatni at Rs3,200, 600 bales, Haroonabad at Rs3,150 to Rs3,200, 400 bales, Arifwala at Rs3,150 to Rs3,200, 400 bales, Sadiqabad at Rs3,150, and 1,000 bales, Burewala at Rs3,150 to Rs3,200.