KARACHI, July 3: Cotton market suffered a fresh fall of Rs50 per maund on Thursday as the central Punjab ginners continued to sell newly processed lint around their parity levels and phutti-based average rates.

Some of the deals in the new crop were finalised as low as Rs3,600 per maund and there were ready buyers around this level, market sources said.

Owing to uncertain crop outlook at this stage for various reasons, no ginner is, however, inclined to hold unsold stocks amid fears of fresh decline in prices in sympathy with the New York cotton futures, floor brokers said adding ginners sell the phutti-based bales of lint the same day after adding their conversion charges of around Rs485 per maund.

The future price outlook will finally be determined by late next month when all the factories in both the cotton belts resume their normal operations, they said.

They said ginners are perhaps following the lead given by the growers, who, too, are not inclined to dump their phutti on an unfixed basis and mostly sold at spot rates.

Ginners said although lint prices are steadily declining, there was no much change in the phutti prices as growers are in no mood to lower their asking prices. As a result, most of the deals are being finalised between Rs1,600 to 1,700 per 40kg, which had already declined from Rs2,000 since last week.

News from the foreign markets were also bearish as the New York cotton futures drifted further lower by 0.66 and 0.95 cents at 68.12 and 72.26 cents per lb for both the maturing July and forward October contracts, respectively.

Official spot rates were also revised downward by Rs50 per maund in line with world prices and were last quoted at Rs3,650.

Mill ready off-take was light totalling about 3,000 bales as under:

New Crop: 1,000 bales, Kot Sabzal at Rs3,600 delivery on July 8, 200 bales, each, Haroonabad and Chichawatni at Rs3,700 and 3,675, respectively.

Current Crop: 497 bales, Khanpur Mehar at Rs3,725.