January 09, 2007	Tuesday	Zilhaj 18, 1427

KARACHI, Jan 8: Cotton prices on Monday remained stable around the previous levels as sellers and buyers kept to the sidelines apparently re-fixing their new year priorities.

Floor brokers said physical activity should have gotten normal by this time after protracted dull spell since pre-eid sessions but the persistent absence of spinners and mills from the market was not immediately supported by supply and demand factors.

The latest arrival figures of phutti were out and both the sellers and the buyers had a fair idea of the total crop and may have been holding on to their respective positions, they said.

Cotton analysts said after having made forward deals for the import of lint from various countries well over a million bales, spinners seem to be in no hurry to ride the bandwagon apparently anticipating nervous ginner selling.

But ginners, who have a fair idea of the crop, were sitting pretty comfortable of their unsold stock of about 2m bales on the perception that they still hold the key to settle the price issues, they said.

Meanwhile, ginning operations in the major cotton growing areas remained normal following steady arrivals of new crop lint to various trading centres after eid holidays.

However, official spot rates remained unchanged in the absence of normal ready business and were quoted around Rs2,500 per maund.

Ready business was slack but some of the brokers reported stray lots did change hands well above the official spot rates around Rs2,550 for fine lots but details of the deals were not transmitted to the KCA.