November 01, 2006	Wednesday	Shawwal 8, 1427

KARACHI, Oct 31: Brisk trading was witnessed on the cotton market on Tuesday as spinners and mills indulged in near-panic buying to grab the floating stock at the prevailing prices.

But floor brokers attributed the mill scramble for the lint as the pent-up pre-Eid holidays demand, which figured prominently after the resumption of normal activity.

About 30,000 bales, billed as the season’s highest single-session toll so far changed hands as ginners were also not inclined to hold on to their unsold stocks in a falling market, they said.

The notable feature was that most of the deals were above 1,000 bales, including 2,000 and 3,000 bales, reflecting that both the sellers and the buyers have at last found a meeting ground, they added.

Most of the deals were finalised between Rs2,300 and 2,350 per maund, while Punjab variety was traded between Rs2.375 and 2,425.

“The lint prices have fallen in line with the export parity levels of spinners and mills and they are out to cover their forward positions,” ginners said adding, “whether or not mills will be able to attract the current fall in exports will be seen during the next couple of weeks.”

However, stepped up, which in some cases touched panic buying reflects that no one among the spinners is inclined to miss the opportunity of competitive rates.

“The local prices are now appears to be more attractive and competitive as compared to New York cotton futures, which are ruling steady well above 50 cents per lb mark,” says a leading ginner.

Official spot rates did not show fresh fall and were firmly held at the overnight level of Rs2,350 per maund reflecting the presence of strong mill support.

Ready off-take was large totalling about 30,000 bales, the following being some of the notable deals:

SINDH VARIETY: 1,000 bales, Mirpurkhas at Rs2.300, 1,000 bales, Shahdadpur at 2,325 to 2,340, 1,000 bales, Tando Adam at 2,325, and 1,000 bales, Nawabshah at 2,285 to 2,325.

PUNJAB TYPE: 2,000 bales, D.G.Khan at Rs2,375 to 2,400, 5,000 bales, Ahmedpur East at 2,415, 1,000 bales, Lodhran at 2,425, 2,000 bales, Khanewal at 2,425, 1,000 bales, Rajanpur at 2,400, 2,000 bales, Bahawalpur at 2,400 to 2,415, 1,000 bales, Multan at 2,400, 1,000 bales, Sadiqabad at 2,415, 5. 1,500 bales, Rahimyar Khan 2,425, and 1,000 bales Hasilpur at 2,385 to 2,425.