KARACHI, Feb 10: Cotton prices on Friday eased from the overnight higher levels on hasty selling by the ginners followed by reports of limit-fall in the New York cotton futures, analysts said.

They said a sharp decline of 3.24 and 3.30 cents per lb in both the maturing March and the forward May contracts unsettled the global markets where speculative traders sold long positions in a bit haste pushing prices to a new seasonal lows.

Both the contracts were marked sharply down and were last quoted at 90.38 and 91.88 cents per lb, respectively.

They said the fall was attributed to higher US crop projections and absence of major importers of lint, notably China and some others.

Although local lint fell orderly in sympathy but larger fall was averted owing to the presence of support at the falling prices, they said. In the ready section the fall was of the order of Rs200 per maund as far fine lots were concerned but KCA revised prices downward by Rs100.

However, indications are that local prices will fall further during the next couple of sessions if the New York cotton futures breached through the 90-cent per lb barrier, they added.

But after the global fall, spinners and mills have curtailed their daily intake anticipating further fall in prices.

Official spot rates were marked down by Rs100 per maund but in the ready section most of the deals both in Sindh and the Punjab lint were quality-based.

The following are some of the notable deals reported by the Karachi Brokers Forum on Friday:

SINDH TYPE: 200 bales, Ghotki at Rs5,750, 1,000 bales, Oboro at Rs6,000, 200 bales, Tando Adam at Rs4,600.

PUNJAB VARIETY: 400 bales, Mianwali at Rs6,000, 200 bales each Multan, Kacha Khou and Basti Malook at Rs5,800, 800 bales, Kabirwala at Rs5,750 to Rs5,800, 400 bales, Rajanpur at Rs5,750, 400 bales each and 800 bales, Mamo Kanjan, Renla Khurd and Bahawalpur at Rs5,500, 1,800 bales, Hasilpur at Rs5,450 to Rs5,500, 1,000 bales, Vehari at Rs5,425 to Rs5,475, 1,000 bales, Haroonabad at Rs5,250, 800 bales each Dharanwala and Faqirwali at Rs5,250.

KARACHI, Feb 10: Cotton prices on Friday eased from the overnight higher levels on hasty selling by the ginners followed by reports of limit-fall in the New York cotton futures, analysts said. They said a sharp decline of 3.24 and 3.30 cents per lb in both the maturing March and the forward May contracts unsettled the global markets where speculative traders sold long positions in a bit haste pushing prices to a new seasonal lows. Both the contracts were marked sharply down and were last quoted at 90.38 and 91.88 cents per lb, respectively. They said the fall was attributed to higher US crop projections and absence of major importers of lint, notably China and some others. Although local lint fell orderly in sympathy but larger fall was averted owing to the presence of support at the falling prices, they said. In the ready section the fall was of the order of Rs200 per maund as far fine lots were concerned but KCA revised prices downward by Rs100. However, indications are that local prices will fall further during the next couple of sessions if the New York cotton futures breached through the 90-cent per lb barrier, they added. But after the global fall, spinners and mills have curtailed their daily intake anticipating further fall in prices. Official spot rates were marked down by Rs100 per maund but in the ready section most of the deals both in Sindh and the Punjab lint were quality-based. The following are some of the notable deals reported by the Karachi Brokers Forum on Friday: SINDH TYPE: 200 bales, Ghotki at Rs5,750, 1,000 bales, Oboro at Rs6,000, 200 bales, Tando Adam at Rs4,600. PUNJAB VARIETY: 400 bales, Mianwali at Rs6,000, 200 bales each Multan, Kacha Khou and Basti Malook at Rs5,800, 800 bales, Kabirwala at Rs5,750 to Rs5,800, 400 bales, Rajanpur at Rs5,750, 400 bales each and 800 bales, Mamo Kanjan, Renla Khurd and Bahawalpur at Rs5,500, 1,800 bales, Hasilpur at Rs5,450 to Rs5,500, 1,000 bales, Vehari at Rs5,425 to Rs5,475, 1,000 bales, Haroonabad at Rs5,250, 800 bales each Dharanwala and Faqirwali at Rs5,250.