February 20, 2007	Tuesday	Safar 2, 1428

KARACHI, Feb 19: After remaining unchanged for the last couple of sessions, cotton prices on Monday eased by Rs25 per maund as a section of ginners tried to clear the backlog.

Fine varieties both from the upper Sindh and southern Punjab cotton belts were also quoted lower by the same amount in sympathy with the low-mic ones at Rs2,575 as compared to previous Rs2,600, dealers said.

The announcement of phutti arrival figures for the fortnight ended Feb 15 has been delayed and will now be made public together with this fortnight ending March 1, according to market sources.

In their opinion the delay in the release of PCGA figures should have pushed up prices owing to expected pressure on ready supplies but instead they fell from the current higher levels.

Cotton analysts, however, attributed the decline partly to falling mill demand and partly to quality factors as some of the ginners were inclined to clear their backlog of inferior type fearing further fall in prices.

But ginners said spinners had cut their ready offtake to forestall any increase in prices based on a short crop. They said higher unsold stocks of lint lying in their godowns reflect a considerable fall in mill buying, which is considered well below the normal figure.

They said spinners and mills were awaiting the opening of overland route for the Indian lint as some of the spinners had already made forward deals with some of their Indian counterparts.

Official spot rates were, therefore, marked down by Rs25 at Rs2,500 but most of the deals for fine lots were done well above them.

About 10,000 bales changed hands in the ready section. Following being some notable deals.

SINDH VARIETY: 1,000 bales, Rohri at Rs2,550 and 400 bales, Khipro at Rs2,450.

PUNJAB TYPE: 1,000 bales, Sadiqabad at Rs2,565, 2,000 bales, Rahimyar Khan at Rs2,565-Rs2,575, 1,000 bales, Uch Sharif at Rs2,570, 400 bales Bahawalpur at Rs2,570 and 400 bales, Chichawatni at Rs2,570.