KARACHI, Dec 4: Cotton market on Tuesday hummed with activity as spinners made panic buying and lifted about 0.100 million bales after the reported infighting among the big groups’ pool put the ginners in a commanding position just in one go.

“It was a midnight operation after the fallout,” leading cotton broker Naseem Usman says, adding “ginners from the upper Sindh and southern Punjab were virtually awakened from sound sleep and were obliged to liquidate their long positions mostly at their asking prices”.

The formation of a group by some leading spinners to buy lint cotton at an agreed price has been in the news for the last couple of days and it did work for some days after having decided not to buy lint above Rs2,075 per maund or to indulge in unfixed business.

“The big group actually did never work,” one leading insider claim, adding “it met to befool each other after having known their future buying strategy”.

It was for the second time during the current season that spinners after having divergent view on the cotton situation have resorted to panic buying.

“It was a mad rush for each lot irrespective of the asking prices each one of the leading spinners was out to outwit other on the price front,” claims a leading ginner.

An idea of the price flare-up may well be had from the fact that most of the big deals were done well above Rs2,100,the highest rates for the day being Rs2,200 per maund.

The future market trend will largely be determined whether or not the current rift among the spinners and mills continues. However, one thing appears certain that lint may remain expensive in the sessions to come as ginners and growers will unite to name their own selling prices.

It was in this background that official spot rates were quoted higher by Rs50 at Rs2,075 per maund.

Ready offtake was massive totalling about 0.100 million bales both in Sindh and the Punjab varieties, the following being some of the notable deals as reported by a leading cotton broker Mohammad Adil:

SINDH VARIETY: 2,000 bales of K-68 Dharki, Gothki at Rs2,100 to Rs2,150, 2,000 bales, Mirpur Mathelo at Rs2,100 to 2,150, 200 bales, Shahpur Chakkar at Rs1,825 and 400 bales of Sanghar at Rs1,850.