Chairman Cotton Brokers Forum Naseem Usman said that spot rates of Karachi Cotton Association (KCA) also closed lower at Rs 5,500 per maund on slow buying.

He said that cotton prices ranged between Rs 5,200 to Rs 5,700 per maund in Punjab.

Naseem pointed out that phutti was selling between Rs 1,900 to 2,400 per 40 kg in Sindh and Rs 2,000 to Rs 2,700 per kg in Punjab.

He said that TCP did not enter the market and thus disappointed the ginners.