December 12, 2002	Thursday	Shawwal 7, 1423

KARACHI, Dec 11: Brisk trading was witnessed on the cotton market on Wednesday as spinners resumed their covering operations in a big way and lifted all the lots offered for sale by the ginners.

An idea of pre-Eid holiday pent-up demand may well be had from the fact that about 50,000 bales changed hands and brokers said several other buying offers remained unsatisfied.

Bulk of the buying remained confined to lint from the Punjab ginneries because of quality considerations, although there was a big difference in the selling prices. While the inferior types were traded as low as Rs1,900 most of the lots were done above Rs2,100 per maund.

After several lean sessions, big-lot business was witnessed as spinners and mills tried to grab the floating stock of fine lots at the current levels. Most of the deals consisted of 3,000 to 5,000 bales, reflecting the cartel of big spinners is in the market in a big way.

“But I don’t think ginners have the urge to raise their asking prices at this stage as they are claimed to be in line with the prevailing phutti rates”, one broker said.

But some others said spinners have found the cue about the future cotton trade and prices and are out to cover their positions against the forward sales of cotton yarn.

“If the current price flare-up in the New York cotton futures is any indication, local prices could rebound from the current levels during the next couple of weeks”, they added.

New York cotton futures consolidated above the benchmark price of 50 cents at 50.63 and 54.46 cents per lb for both the ruling March and the distant May contracts, up by 1.91 and 1.77 cents per lb, indicating that the lint could be more expensive in the months to come owing to an expected pressure on supplies.

Official spot rates were firmly held at the last levels followed by reports of large business in the ready section.

Ready offtake was large totalling about 50,000 bales, the following being some of the notable deals:

SINDH TYPE: 1,000 bales, K-68 Sawgin Gothki at Rs2,125.

PUNJAB VARIETY: 1,000 bales, D.G.Khan, 3,000 bales, Rahimyar Khan, 3,500 bales, Sadiqabad, 4,500 bales, Rajanpur, 1,000 bales, Fazalpur, 4,000 bales, Lodhran, all at Rs2,125, 5,000 bales, each Ahmedpur East and Bahawalpur at Rs2,100 to Rs2,110, 3,000 bales, Nurpur Nauranga at Rs2,100 to Rs2,120, 4,000 bales, Alipur, at Rs2,080 to Rs2,100, 1,500 bales, Sahiwal at Rs1,950 to Rs2,000, 1,200 bales, Bahawalnagar at Rs2,025, 1,000 bales, Haroonabad at Rs2,075, 1,000 bales, Burewala at Rs2,075, 1,000 bales, Chichawatni at Rs1,925 to Rs1,975, 2,000 bales, Gojra at Rs1,900 to Rs2,025 and 1,000 bales, Mian Channu at Rs1,925 to Rs1,975.00.