KARACHI, Aug 24: The cotton market on Wednesday remained under pressure and prices were quoted further lower by Rs300 per maund partly on selling by the ginners followed by steady arrivals of phutti and partly to below normal mill demand.

Some of the deals in the Sindh type in the lower Sindh cotton belt were done as lower as Rs5,700 per maund or below it, a decline of about Rs600. An identical fall was also noted in the Punjab variety, which on an average was sold around Rs6,000 per maund.

Opinions are, however, divided over the price outlook but some of the spinners who by now are retail buyers eyeing the level of between Rs4,500 to Rs5,000 per maund after the picking operations in the major growing areas are resumed, market sources said.

Floor brokers said apart from local factors, notably sudden pick up in phutti arrivals as growers virtually dumped their stocks followed by rumours of fresh fall in prices owing to some problems on the export front.

The other factor was weak New York future market where both the contracts were turning in erratic movements never allowing importers to make fresh import deals, they said.

“The trade appears to have been slipped into hands of speculative forces which at their whims are spreading rumours including the production glut,” said a leading cotton analyst.Official spot rates were further lowered by Rs300 per maund at Rs6,000 for an average type of lint but in the ready section Sindh type was traded well below this level.

The New York cotton futures also ruled easy as both the ruling October and the forward December contracts were quoted lower by 1.47 and 1.21 cents per lb at 105.14 and 105.24 cents respectively.

The following are some of the deals reported by the Karachi Brokers Forum on Wednesday:

SINDH TYPE: 1,000 bales, Sanghar and Tando Adam 1,200 bales, Shahdadpur and 400 bales, Mirpurkhas at Rs5,700 to Rs5,800, 400 and 200 bales, each Shahpur Chakar, Hala and Jhole at Rs5,700, 200 bales, Nawabshah at Rs5,800 and 200 bales, Golarchi at Rs5,725.

PUNJAB VARIETY: 600 and 200 bales, Gaggon and 200 bales, Khanewal at Rs5,900 to Rs6, 200 bales, Chichawatni at Rs5,975 to Rs6,200, 1,000 and 400 bales, Burewala and Duniyapur at Rs6,000 to Rs6,200, 200 bales, Multan at Rs6,100, 200 bales, Kassowal at Rs6,050, 200 and 400 bales each Vehari, Lodhran, Muridwala and Hasilpur at Rs6,000, 200 bales each Mian Channu, Ghaziabad and Chistian at Rs5,975, Rs5,950 and Rs5,900 respectively.