KARACHI, Oct 6: Cotton prices ended steady on Saturday, after increasing by Rs150 this week, but dealers said in the ready market prices slightly increased as millers and exporters actively bought crop on improved quality.

The Karachi Cotton Association kept its official spot rate unchanged at Rs5,350 per maund and phutti prices per 40kg was at Rs2,300 to Rs2,550.

Around 10,000 bales changed hands at Rs5,250 to Rs5,500 per maund but the average remained on the higher side, while trading activity decreased in Punjab to 4,600 bales at Rs5,300 to Rs5,500.

This compared with 8,800 bales exchanged in Sindh at Rs5,250 to Rs5,550 and Punjab 9,400 bales at Rs5,300 to Rs5,500 on Friday.

Brokers said prices may go down in the coming days amid higher phutti arrivals but could be offset if exporters increased their buying as quality had improved.

China is expected to start a months-long buying programme next week, after the country’s week-long holiday, to replenish strategic stocks and support local farmers.

New York cotton prices eased on speculative selling as investors braced for a bumper US crop, although moves were exaggerated by extremely low volumes. The following transactions were reported on the ready counter on Saturday:

SINDH TYPE: 800 bales, Shahdadpur at Rs5,300 to Rs5,350, 1,000 bales, Sanghar at Rs5,250 to Rs5,300, 1,000 bales, Tandoadam, at Rs5,350 to Rs5,400, 1,600 bales, Mirpurkhas at Rs5,250 to Rs5,350, 1,600 bales, Nawabshah at Rs5,350, 3,000 bales, Khairpur at Rs5,500 to Rs5,550 and 1,000 bales, Upper Sindh at Rs5,500 to Rs5,550.

PUNJAB VARIETY: 200 bales, Burewala at Rs5,300, 400 bales, Mianchano at Rs5,300 to Rs5,350, 200 bales, Kabbirwala at Rs5,400, 200 bales, Khanewal at Rs5,400, 800 bales, Faqirwala at Rs5,400 to Rs5,500, 1,400 bales, Haroonabad at Rs5,450 to Rs5,500, 400 bales, Fortabbas at Rs5,450 to Rs5,500, 400 bales, Khichiwala at Rs5,450, 400 bales. Kalpurkot at Rs5,450 and 400 bales, Rajanpur at Rs5,500.