Seedcotton rates came down on the cotton market on Friday as a result of better-than-expected arrival figures issued by the Pakistan Cotton Ginners Association (PCGA), dealers said.

The official spot rate was unchanged at Rs 5,700, they said.

Prices of seedcotton in Sindh were at Rs 1800-2400 and in the Punjab at Rs 2000-2700, they said.

In ready dealings approximately 6,000 bales of cotton changed hands at Rs 4,400-5800, they said.

Market sources said that leading mills were on the sidelines after the seedscotton arrival report and prices may not fluctuate sharply in the coming days.

In the meantime, exporters were active buyer to cover the export obligations and it is likely that the country may fetch handsome amount after exporting 1.2 million bales of cotton, they said.

Lint importing countries were buying both fine and low types to meet their requirements, they added.

The Phutti arrival fortnightly figure released by the PCGA till January 31 at 13.6 million bales, they said.

According to the Reuters, on Thursday, the NY cotton futures finished higher on follow-through investor, commercial and possible fund buying boosting the market and could give fiber contracts a sustained lift in the days ahead, dealers said.

Benchmark March cotton on ICE Futures US increased 0.82 cent to close at 94.21 cents per lb, dealing from 92.69 to 94.88 cents.

Open interest in cotton, an indicator of investor exposure in the market, has risen over 10,000 lots over the past three sessions to 178,051 lots as of February 1, ICE Futures US data showed.

Cotton ended up nearly two percent January for its second consecutive monthly gain as better sentiment in the commodity complex lifted cotton after a 10 percent drop in November.

Volume traded on Thursday stood at over 23,800 lots, around two-thirds above the 30-day average, according to preliminary Thomson Reuters data.

The following deals were reported: 400 bales of cotton from Shahdad Pur sold at Rs 4400, 400 bales of cotton from Kandiyaro at Rs 5500, 400 bales of cotton from Haroonabad at Rs 5350, 400 bales of cotton from Karror Pakka at Rs 5450, 600 bales of cotton from Hasil Pur at Rs 5500, 400 bales of cotton from Mian Chano at Rs 5500, 200 bales of cotton from Multan at Rs 5550, 400 bales of cotton from Dunia Pur at Rs 5600, 400 bales of cotton from Mailsi at Rs 5700, 200 bales of cotton from Lodhran at Rs 5750, 400 bales of cotton from Mian wali at Rs 5800, 400 bales of cotton from Sadiqabad at Rs 5750, 400 bales of cotton from Khan Pur at Rs 5800, 400 bales of cotton from Rahim Yar Khan at Rs 5800.