February 18, 2006	Saturday	Muharram 19, 1427

KARACHI, Feb 17: Cotton market on Friday lacked normal trading interest as buyers and sellers again kept to the sidelines owing to delivery problems because of protest strike against the blasphemous cartoons.

Attendance in the local brokerage houses was thin as their staff members could not reach offices in the absence of public transport from the roads, brokers said.

Ginners appeared to be a bit happy in response to prime minister’s assurance to a delegation of ginners that the government would pay quality premium of Rs25 to Rs50 per maund to growers and ginners for supplying contamination-free cotton to spinners and mills, dealers said.

According official sources premium scheme was launched a couple of years back but not fully implemented despite the fact that most of the growers strictly abide by the guidelines laid down by the ministry of agriculture, they added.

But the important factor was the delivery problem as cargo haulers also jointed the strike and spinners and mills needing immediate supplies stayed away and did not opt for fresh buying, they said.

Some ginners, however, reported stray business for delivery early next week around Rs2,550 to Rs2,575 per maund depending on the quality of lint. Inferior lots were sold around Rs2,500.

Reports coming from the southern Punjab cotton belt indicate that spinners from the Punjab made active covering purchases fearing an increase in prices based on short supply.

Official spot rates were again held unchanged, although some of the deals in the Punjab cotton belt were done above them.

No business was done on the local market but Punjab ginners managed to sell modest quantity of lint to spinners and mills.