KARACHI, Sept 28: Bearish spell continued on the cotton market on Friday on persistent rise in phutti arrivals and brokers reported some deals were finalised as low as Rs4,900 per maund amid expectations that prices to remain choppy in coming days.

The Karachi Cotton Association also revised its spot rate further down by Rs50 to Rs5,200 per maund brining the total decrease to Rs350 this week.

Deals for about 8,200 bales were finalized at Rs5,000 to Rs5,300 in Sindh and some 5,600 bales changed hands at Rs4,900 to Rs5,200 in Punjab. However, brokers said millers were very active as a total of 14,000 bales of cotton were traded.

There was also concern on the global front as New York cotton futures hit five-week lows and the US cotton industry asked senior government officials to help prevent contract defaults that threaten some $1 billion in sales.

The following transactions were reported on the ready counter on Friday.

SINDH TYPE: 2,000 bales, Shahdadpur at Rs5,200, 1,800 bales, Sanghar at Rs5,150 to Rs5,200, 2,000 bales, Tandoadam at Rs5,200, 200 bales, Mirpurkhas at Rs5,100 to Rs5,200 and 400 bales, Nawabshah at Rs5,200.

PUNJAB VARIETY: 600 bales, Haroonabad at Rs4,900 to Rs5,300, 400 bales, Hasilpur at Rs4,900 to Rs5,200, 600 bales, Pakpattan at Rs4,900, 600 bales, Burewala at Rs5,000 to Rs5,225, 200 bales, Mianchano at Rs5,100, 200 bales, Mamukanjan at Rs5,100, 200 bales, Kassowal at Rs5,200, 400 bales, Arifwala at Rs5,200, 200 bales, Kabirwala at Rs5,200, 1,000 bales, Faqirwali at Rs5,200 to Rs5,300, 400 bales, Bahawalpur at Rs5,250, 600 bales, Fortabbas at Rs5,300 and 200 bales, Kichiwala at Rs5,300.