October 14, 2006	Saturday	Ramazan 20, 1427

KARACHI, Oct 13: The cotton market on Friday showed firm trend as prices were up by Rs25 per maund in physical trading amid large ready offtake.

Some of big lots, including 5,000 bales single-largest deal both in Sindh and Punjab types, were finalised above Rs2,400 for the former and around Rs2,475 per maund for the latter, depending on the quality of lint, brokers said.

Floor brokers said the market seemed to have derived its strength from reports of recovery in the New York cotton futures after several lean sessions amid hopes of a sympathetic positive impact on the other markets.

Spinners and mills who are watching the supply and demand situation carefully hastened to lift at the floating stock at the prevailing prices amid market talk of fresh increase in prices, they added.

“As the arrival figures of phutti into the ginneries have shown a considerable decline during the last couple of sessions, spinners are worried about the crop size,” they said.

But some others said growers were holding on to their freshly picked up stocks of phutti to push prices higher, which had in the recent past declined to Rs1,100 per 40 kg.Ginners said prices could rise further during the next week despite some transportation problems ahead of Eid holidays as cargo haulers increase their fares.

The arrival figures of phutti for the fortnight ending Oct 15 are expected to be released by the middle of the next week, which will set the future market trend, they added.

Official spot rates were firmly held at the last level of Rs2,400 per maund but on the other hand New York cotton futures recovered from the recent lows and were quoted higher by 0.55 and 0.37 cents per lb for both the ruling December and the forward March contracts at 48.93 and 52.23 cents per lb, respectively.

Ready business totalled about 15,000 bales as under:

SINDH VARIETY: 1,000 bales, each Shahdadpur, Sanghar and Tando Muhammad Khan at Rs2,400 to Rs2,425; and 600 bales, Mirpurkhas at Rs2,400.

PUNJAB TYPE: 5,000 bales, Ahmedpur East at Rs2.475; 400 bales, each Khanewal, Janpur and Kabirwala also at 2,475; 2,000 bales, Bahawalpur at Rs2,465 to Rs2,475; 400 bales, each Haroonabad and Chistian, and 500 bales, Rajanpur at Rs2,450.