November 14, 2001	Wednesday	Shaba’an 27, 1422

KARACHI, Nov 13: Cotton market on Tuesday passed through another easy session as prominent spinners again extended guarded support in a bid to outwit ginners.

After having sold lint at much higher rates, ginners demonstrated a remarkable holding capacity to hold fast to their long positions and sold only those lots which were billed as inferior ones.

Although most of the deals in the ready section were again done below the level of Rs.2,000.00 per maund, ginners hope the reversal is temporary and prices could bounce back to the pre-reaction rate owing to a short crop, dealers said.

Technically, the market is still in the tight grip of the growers and there are chances of a rebound in prices if they hold on to their positions for another couple of sessions, says a leading broker.

“Who will be the winners in the current war of nerves that is not clear but the holding capacity of the players in the game could play a decisive role in the coming sessions”, he predicts.

The general perception is that leading growers could hold on to their positions by the end of the next month without any tangible damage to the quality but in January they will have to clear abide by the quality premiums.

The market trend in part will also be guided by the arrivals figures of phutti for the fortnight, ending Nov 15 and if the decline continues, prices could rise further to the Rs.2,000.00 level, spinners fear.

However, for the time being spinners have curtailed their daily buying and opt for only those lots, which are in line with their export parity levels as is reflected by light ready offtake, while ginners prefer not to sell quality lots below Rs.2,000.00 per maund.

Official spot rates were further lowered by Rs.50.00 per maund but in the ready section most of the deals were finalized below them.

Ready business was light totalling about 6,000 bales from the Punjab ginneries as under: 2,000 bales of Liaquatpur at Rs.1,850.00, 2,000 bales, Lodhran at Rs.1,950.00, 500 bales, Alipur at Rs.1,850.00, 600 bales, Sadiqabad at Rs.1,975.00, 200 bales, Burewala at Rs.1,850.00, 400 bales, Fazalpur at Rs.1,875.00, 200 bales, Bahawalpur at Rs.1,925.00, 400 bales, Muridwala at Rs.1,775.00 and 400 bales, Gojra also at the same rate.