January 18, 2007	Thursday	Zilhaj 27, 1427

KARACHI, Jan 17: The trading activity on the market on Wednesday was relatively slow as ginners further raised their asking prices and spinners appears to be in no obliging mood.

Some central Sindh lots were sold between Rs2,400 to 2,475, while fine type from the southern Punjab cotton-belt changed hands around Rs2,600, per maund.

After last couple of sessions hectic covering purchases spinners and mills took a technical breather and were not inclined to go beyond their export parity levels, floor brokers said.

They said the relative lull was also witnessed ahead of release of arrival figures for the fortnight ended Jan 15, by the Pakistan Cotton Ginners Association (PCGA) and their impact on the ruling prices.

Late in the evening, fortnightly figures were released by the PCGA, which showed further decline in arrivals but did not have any immediate impact on the prevailing prices, they said.

However, general perception is that prices are heading to seek further higher levels as far as the fine lots are concerned as some of the leading mills are buyers around Rs2,600 per maund.

“Some of the spinners are relying on higher unsold figures, which indicate easy availability but at what price is not easily predicted,” says a leading ginner.

Official spot rates remained pegged at the overnight level of Rs2,525, while in the ready section rates were quoted in line with the quality of lint.

New York cotton futures on the other hand showed modest rise of 0.22 and 0.23 cents per lb at 54.92 and 55.79 for both the ruling March and the distant May settlements, respectively.

Ready off-take was light totaling about 7,000 bales, the following being some of the notable deals; 1,000 bales, Sanghar at Rs2,400 to 2,470, 600 bales, Mehrabpur at 2,475,1,000 bales, Rahimyar Khan at 2,590 to 2,600 and 2,000 bales, Sadiqabad at 2,585 to 2,600.