April 2, 2002	Tuesday	Muharram 18,1423

KARACHI, April 1: Trading on the cotton market on Monday resumed on an insipid note as spinners were not inclined to make bigger commitments apparently in a bid to maintain a status quo in regard to selling prices.

But after mid-session some of the local mills instructed their brokers to buy inferior lots between Rs1,500 and Rs1,550 and they obliged them,, turning the dull session into active one.

Unlike the previous sessions, however, ginners offered to sell K-68 variety around 1,700 that too on credit, while others held on to their positions.

Floor brokers said leading exporters have also resumed their covering operations, the details of their tally are not available as they are mostly making direct purchases from the ginners from the central Sindh.

“It appears now pretty difficult to ascertain a competitive price for the lint on the spot basis as there is difference of about Rs200 per maund between the inferior and superior stuff,” they say.

Some of the leading spinners were, however, after the fine lots and offered to raise their bid prices as higher as Rs1,900 per maund and according to the market sources stray lots did change hands.

Unconfirmed reports also indicate that some of the leading ginners holding long unsold positions are also making forward buying on an unfixed basis that is at the prevailing spot rates at the time of delivery, brokers said.

But as far as physical business is concerned it remained on the lower side as both ginners and spinners are locked in a price war to outwit each others, they added.

Official spot rates were again held unchanged at the weekend levels as there was no change the quality premiums, dealers said.

Ready offtake was modest as till late the evening about 6,000 bales changed hands, the following being some of the notable deals:

SINDH TYPE: 1,500 bales of Sanghar at Rs1,500, 300 bales at Rs1,550, 400 bales, Naushero Feroz at Rs1,500, 500 bales, Sinjoro at Rs1,500 and 400 bales of Punjmoro at Rs1,700 on credit.

PUNJAB VARIETY: 2,000 bales of Bahawalpur at Rs1,750 and 400 bales of Chishtian at Rs1,625.