November 08, 2006	Wednesday	Shawwal 15, 1427

KARACHI, Nov 7: Brisk trading was again witnessed on the cotton market on Tuesday as ginners were not inclined to hold long unsold positions fearing fall in prices.

Never before, in the cotton trading history, mill buying remained so persistent as witnessed during the post-Eid holiday sessions, market sources said adding ”there have been instances of massive single session deals of well over 0.1m bales but not daily aggressive buying.”

All those associated with the cotton trade appears to be in a bit haste, says a leading broker adding spinners’ scramble is in line with market mechanism but what ails grower or ginner.

“Both ginners and growers are set to get out of the market as soon as they could as the current selling prices appear to be competitive for them,” he added.

For the fourth session in a row another 40,000 bales changed hands at the rates between Rs2,375 to 2,400 for Sindh and Rs2,425 to 2,450 for the Punjab variety depending on the quality of lint.“No one among us is inclined to hold long positions despite the fact that the crop is short and prices could rise from the current levels,” says a leading ginner ”most of us are satisfied with the conversion charges and hate to hold unsold stocks.”

Official spot rates were, therefore, firmly held at the last level of Rs2,375 for average quality lint but fine lots were traded much higher.

New York cotton futures rose by 0.71 and 0.60 cents at 49.92 and 53.95 cents per lb for both the ruling December and the distant March contracts, respectively.Ready off-take was on the higher side totalling about 40,000 bales, all big-lot deals ranging from 2,000 to 4,000 bales. The following are some notable among them:

SINDH VARIETY: 2,000 bales, Shahdadpur at Rs2,385 to 2,400, 2,000 bales, Tando Adam at 2,375.2, 400, 1,000 bales each Sanghar and Nawabshah at 2,375.

PUNJAB TYPE: 4,000 bales, each Ahmedpur East Bahawalpur, 300 bales, Rahimyar Khan, 1,000 bales, Jahania, 2,000 bales, Rajanpur, 2,000 bales, Khanewal, 2,000 bales, Kabirwala, 2,000 bales, Jalalpur at Rs2,450, 1,000 bales, Burewala at 2,440, 1,000 bales, Layyah, at 2,425, 2,000 bales, D.G.Khan at 2,435 to 2,450, and 2,000 bales, Liaquatpur at 2,425 to 2,450.