KARACHI, Feb 2: Cotton prices on Friday eased modestly from the current higher levels as some of the ginners appear to be in bit haste to clear the backlog of inferior stuff.

Most of the central Sindh lots were sold well below Rs2,500 per maund and that of southern Punjab around Rs2,525, while no deal was reported in the fine lots from the upper Sindh and southern Punjab ginneries.

“There was no talk of the selling prices above Rs2,600 per maund,” brokers said “the sudden change in the ginners’ psychology gave a pleasant surprise to most of the market players.”

Market sources said expected higher arrival figures of phutti to be released by the Pakistan Cotton Ginners Association (PCGA), possibly on Saturday may be one of the reasons behind the ginner nervousness and hasty selling at lower rates.

But some others said ginners are trying to clear inferior stocks around the current levels and may held on to their fine lots till the fag-end of the current season in an apparent bid to sell them at higher rates.

“The post-arrival figure week could be very crucial for the future market direction and both the buyers and sellers chalking out strategies to keep prices at competitive rates,” they added.

It was perhaps in this background that official spot rates were lowered by Rs25 per maund after having remained static for the last couple of weeks.

New York cotton futures were also quoted lower by 0.43 and 0.54 cents per lb at 53.57 and 54.57 cents per lb for both the ruling March and the distant May contracts, respectively.

Ready off-take was light, totaling 5,000 bales, the following being some of the notable deals: 3,000 bales, Chishtian at Rs2,525, 1,400 bales, Sadiqabad at Rs2,565, 800 bales, Sanghar at Rs2,400 to Rs2,475, 500 bales, Shahdadpur at 2,450 and 200 bales, Saeedabad at 2,475.