KARACHI, Nov 4: Amid slow trading, cotton prices remained under pressure when trading resumed on Monday.

The persistent fall witnessed in cotton prices last week compelled growers to hold back phutti (seed cotton) supply till such time demand and supply position improves.

Therefore, slow arrival of phutti to ginneries restricted cotton supply and as a result trading volume suddenly declined though spinners and some exporters were keen to build upon their inventory.

However, growers failed to check the rapidly falling cotton prices by holding back phutti supply. This was mainly because ginners were not ready to take risk by holding back their cotton stocks, particularly when world cotton scenario is not in favour of sellers.

Consequently, most of the deals were quoted at lower prices and the Karachi Cotton Association (KCA) spot rates were revised downward by Rs100 to Rs6450 per maund.

Cotton analyst Naseem Usman said that expected bumper Indian cotton crop has completely changed parameters of world cotton trade because out of the estimated production of 38.1 million bales this season around 10 million bales are going to find their way into world markets.

The following transactions were reported to have changed hands on ready counter on Monday: 1000 bales from station Mirpur Khas done at Rs5200 to Rs5300, 1200 bales from Khairpur done at Rs6475 to Rs6500, 2000 bales from Khairpur done at Rs6500 to Rs6525, 1600 bales from upper Sindh done at Rs6500 to Rs6525, 1600 bales from Pir Mehal done at Rs6375 to Rs6400, 2000 bales from Hasilpur done at Rs6400, 1000 bales fom Burewala done at Rs6450, 1600 bales from Mailsi done at Rs6400 to Rs6450 2000 bales from Haroonabad done at Rs6450 to Rs6500 and 1200 bales from Mianwali done at Rs6550 to 6625.