November 14, 2006	Tuesday	Shawwal 21, 1427

KARACHI, Nov 13: Trading activity on the cotton market on Monday slowed down as spinners curtailed their daily intake followed by reports of imports from India.

Floor brokers said reports that some of the leading spinner groups had signed deals with the India Trading Corporation and some private sector exporters to import about half million bales of cotton via overland route.

The first consignment has, according to reports, already arrived through Wagha border imported by some of the Punjab spinners and mills and other consignments may be followed in due course, they said.

Although local prices stayed around the previous level after hectic mill buying during the last couple of weeks, physical activity fell from an average daily turnover of 40,000 bales to about 15,000 bales, some others said.

Some of the spinners and mills, which did not opt to imports, are still in the market and covering only their nearby needs because of financial problems, they added.

There are two opinions about the future price outlook. Some said prices could rise from the current levels owing to a short crop, while others are of the view that steady imports of lint from various sources could keep prices within the current levels.But in the ready section some of the deals in fine types from the Punjab ginneries were finalised at modestly higher rates as compared to the previous weeks, they added.

The notable feature was that most of the deals were 1,000-bale plus reflecting that spinners were out to grab the floating stock at the current level fearing price flare-up any time.

Official spot rates were, therefore, again held unchanged at the previous level of Rs2,375 per maund but in the ready section the Sindh varieties were traded at Rs2,340 to Rs2,395 and that of Punjab at Rs2,450 to Rs2,460 per maund

Ready off-take was relatively slow totalling 15,000 bales as under.

SINDH TYPE: 1,000 bales, Tando Adam at Rs2,350, 1,000 bales, Shahdadpur at Rs2,375, 1,000 bales, Sanghar at Rs2,340 to Rs2,350, 1,000 bales, Mehrabpur at Rs2,395 and 1,000 bales, Nawabshah at Rs2,350 to Rs2,375.

PUNJAB VARIETY: 1,000 bales each from Alipur, Sadiqabad, Muridwala at Rs2,450, 1,000 bales each from Ahmedpur East and Khanpur at Rs2,460, 400 bales, Uch Sharif, 600 bales, Pir Mahal and 600 bales, Rajanpur at Rs2,450 and 1,000 bales, Rahimyar Khan at Rs2,450 to Rs2,460.