KARACHI, Feb 8: Cotton prices ended unchanged on Friday but trading volumes remained dull as millers stood on the sidelines awaiting local prices to come down, brokers said.
The Karachi Cotton Association keep its official spot rate flat at Rs6,100 per maund. Only 800 bales changed hands at Rs6,300 in Sindh and 5,600 bales at Rs5,700 to Rs6,400 in Punjab.
US cotton futures fell for a third time this week as lower US export sales data for the second week heightened concerns that high prices have begun to deter demand from China, the world's largest consumer.
China was on the sidelines, buying just 1,100 bales, compared to average levels of about 122,000 bales bought each of the previous eight weeks reported.
In last week's data, buyers in China had cancelled bales for the first time since mid-July. Cotton has seen long-term erosion in demand as consumers turned to lower-price synthetic alternatives to the natural fibre.
The following transactions were reported on the ready counter on Friday:
SINDH TYPE: 800 bales, Khairpur (BCI) at Rs6,300.
PUNJAB VARIETY: 400 bales, Chichawatni at Rs5,700 to Rs6,000, 400 bales, Bahawalpur at Rs5,800, 800 bales, Burewala at Rs5,800 to Rs6,000, 400 bales, Vehari at Rs5,800 to Rs5,950, 600 bales, Gojra at Rs5,950, 2,000 bales, Rahimyarkhan at Rs5,950 to Rs6,300, 200 bales, Haroonabad at Rs6,025 and 800 bales, Mianwali at Rs6,400.