KARACHI, Sept 2: Cotton prices on Tuesday fell from the recent higher levels followed by hasty selling by some of the central Sindh ginners amid reports of steady arrivals of phutti.

But some of the leading ginners, notably from Tando Adam, Shahdadpur and Jhole did not follow the lead of their counterparts in the lower Sindh and did not lower their asking prices below Rs2,550 per maund.

Dealers said spinners seemed to have succeeded in creating division among the Sindh ginners as was reflected by a difference of Rs100 in their respectively selling prices.

“There may be some quality price differentials, the fact that the other group indulged in hasty selling, pushing prices to as low as Rs2,450 as compared upper central Sindh rate of Rs2,550 and Rs2,575,” they said.

Trading in Sindh variety resumed at around Rs2,465 per maund in the ready section and as the selling pressure mounted, prices steadily fell to Rs2,450 and spinners lifted all the lots offered at the lower rates.

But on the other hand Tando Adam and Shahdadpur varieties were traded well above Rs2,550 and spinners also obliged the ginners of these areas, market sources said.

They said it was now that easy to predict the future price line as spinners would try to derive a maximum benefit from the developing division among the ginners in the coming weeks.

“It is too early to say that higher crop ideas may be one of the negative factors behind the ginner sell-off,” they said. “The next couple of sessions will show how the ginners behave.”

Meanwhile, there was a relative quiet on the central Punjab cotton belt where only a couple of ginneries have resumed operations and their turnout is only 2,000 to 3,000 bales each day, which are readily absorbed by the local spinners.

Official spot rates were held unchanged at the overnight levels but are expected to be adjusted in line with the ruling prices on the ready market.

Ready offtake was modest totalling about 2,500 bales, all in Sindh type as under: 200 bales, Mirpurkhas at Rs2,465, 200 bales at Rs2,470, 200 bales at Rs2,500, 400 bales at Rs2,450; 200 bales, Sultanabad at Rs2,450; 200 bales, Shahdadpur at Rs2,575; 200 bales, Tando Adam at Rs2,570, 200 bales at Rs2,550; 200 bales, Jhole at Rs2,550; and 200 bales, Khipro at Rs2,540.