KARACHI, Oct 29: Cotton prices on Friday eased from the recent highs as some of the leading ginners lowered their asking prices in line with the New York cotton futures that ran into massive profit-selling.

The market sentiment in part was also influenced bearishly followed by reports of steep decline in New York cotton futures on higher crop estimated related speculative selling.

Both the ruling December and the distant March contracts were marked down by 1.50 and 1.13 cents per lb at 45.31 and 44.54 cents, respectively. Bulk of the business, which was transacted late on Thursday evening mostly in southern and central Punjab ginneries, was finalized below Rs2,100 per maund or Rs25 below the previous rate.

About 60,000 bales changed hands late on Thursday night after Traveeh between Rs2,075 and Rs2,100 in the Punjab cotton belt and Rs1,900 to Rs1,950 in the central Sindh cotton belt.

During the holy month of Ramazan, ginners in Punjab resume trading after offering Traveeh prayers details of which reached the KCA the next day and in between prices could ease further or rise in the backdrop of negative and positive background news, says a leading cotton analyst.

He said on an average spinners are lifting about 60,000 bales on the lower side and 0.125m bales on the higher side daily as no one among them is inclined to take risk in regard to his annual consumption needs.

Meanwhile, reports reaching from the cotton belt indicate that the TCP is actively participating in the daily operations and is buying directly from the ginners fine lots, which conform to their export standards.

Arrivals of phutti into the southern Punjab ginneries are stated be on the higher side as some of the growers are inclined to resume wheat sowing in the fields after harvesting cotton.

Official spot rates were firmly held at the last levels, although in the ready section most of the deals were done well above them. Ready offtake was on the higher side as till late in the evening 30,000 bales changed hands, the following being some of the notable deals:

SINDH TYPE: 600 bales, Tando Adam at Rs1,900 to Rs1,940; 600 bales, Mirpurkhas at Rs1,925 to Rs1925.; 500 bales, Shahdadpur at Rs1,950 and Rs1,000 bales, Nawabshah at Rs2,000.

PUMJAB VARIETY: 4,000 bales, Bahawalpur at Rs2,075 to Rs2,100; 2,000 bales, Gojra at Rs2,050 to Rs2,075; 2,000 bales, Rajanpur at Rs2,075; 2,000 bales, each Sadiqabad, Rahimyar Khan and Khanpur at Rs2,075 to Rs2,100.