The price of prime quality cotton witnessed decline by Rs50 per maund to Rs4,750 per maund at open markets in Pakistan on Friday. The Karachi Cotton Association (KCA) also revised down its official rate by Rs50 per maund (37.324 kilogram) to Rs4,600 per maund to reflect adjustment in the commodity price.

The prices were dropped after Banola's (cotton oil seeds) price decreased by Rs100 to Rs1,150/40kg, at the time when buying should pick up significantly, as last year's build stocks of cotton with textile mills are believed to be finished by September-end, a broker at Karachi Cotton Exchange said.

However, KCA noticed that traders bought 12,000 bales at Rs4,700 to Rs4,750 per maund (37.324 kilogram) as compared to 12,400 bales bought at a similar price a day ago.