October 15, 2002	Tuesday	Sha'aban 8, 1423

KARACHI, Oct 14: Active trading was witnessed on the cotton market on Monday as spinners resumed their normal covering operations after having a full view of the post-elections scenario.

There appears to be no reservation on the part of any of the spinner as each one among them seems to be a little worried over the developing post-elections political scenario, although some of them played safe, apparently awaiting the setting of the consensus federal government.

A loud whispering about the continuation of the current fiscal and trade policies encouraged them to remain as active buyers at the current rates which are, according to the leading brokers, competitive as far the export parity levels of the spinners and mills are concerned.

Trading resumed at around Rs1,960 per maund and after early fluctuating between Rs1,950 on the lower side and Rs2,030 on the higher side, the market finally ended on a firm note.

“The market appears to have stabilized around the current levels as they suit to both the ginners and the spinners,” says a broker.

But he predicts a modest reaction in prices during the next couple of sessions as the flow of arrivals of phutti from the field to the ginnery will be accelerated.

Owing to election activity and a slowdown in picking operation of phutti, the arrivals have sharply declined and that could have a negative impact on the prices, market sources said.

But some others said the pent-up mill demand could match the size of arrivals, keeping a judicious equilibrium between supply and demand.

It was in this background that official spot rates were revised upward by Rs10, although bulk of the business in the ready section was done well above them.

Ready offtake was active as till late in the evening about 8,000 bales changed hands as under:

SINDH VARIETY: 200 bales of Mirpurkhas at Rs1,960; 200 bales, Sultanabad at Rs1,950; 200 bales, Sanghar at Rs1,975; 200 bales, Shahdadpur at Rs1,975; 400 bales, Tando Adam at Rs1,950; 200 bales, Hyderabad at Rs2,000; 1,300 bales, Nawabshah at Rs2,030 and 800 bales at Rs2,025; and 200 bales of Mitari at Rs2,000.

PUNJAB TYPE: 200 bales from Sardargarh at Rs2,000; 200 bales, Mian Channu at Rs1,995; 400 bales, Rajanpur at Rs2,015 and 200 bales at 2,000; 300 bales, Bahawalpur at Rs2,000; 200 bales, Alipur at Rs2,000; 200 bales, Rahimyar Khan at Rs2,000; 200 bales, Sadiqabad at Rs2,000; 200 bales, Muridwala at Rs2,000 and 200 bales at Rs1,990; and 400 bales of Tandialwali at Rs1,985.