March 10, 2007	Saturday	Safar 20, 1428

KARACHI, March 9: Cotton market on Friday showed firm trend as spinners resumed their normal covering operations at the prevailing prices amid an actively traded session.

Some of the fine lots from the southern Punjab ginneries were traded as higher at Rs2,650 per maund but inferior types from the central Sindh cotton belt were sold around Rs2,350 to Rs2,490.

In the backdrop of a short crop and falling unsold stocks, ginners appear to be in no hurry to unload their long positions at this stage amid hopes that prices could rise further from the current levels, brokers said.

However, spinners and mills have curtailed a bit their daily intake apparently awaiting the arrival of import shipments, some of which are said to be in process of unloading at the ports, they added.

But leading ginners are worried over the forward deals made by some of the leading spinners and mills and in the absence of official figures, it is pretty difficult to ascertain the true number.

Some say the total is around a million bales, while others said they vary from 0.5m bales to 0.8m bales. The official figures up to the month of January put the total at 0.407m bales from various sources, including via Dubai.

But spinners from the Punjab textile belt are eyeing imports from India by the overland route pending official permission, market sources said.

The official spot rates were firmly held at the last level of Rs2,525 but most of the deals in the ready section were done above them.

New York cotton futures on the other hand showed a fractional fall of 0.11 cents for the maturing March contract at 54.34, while May delivery was nominally quoted around 54.49, up 0.01 point.

Ready off-take was on the higher side totaling about 15,000 bales, notable deals being: 1,000 bales, Tando Adam at Rs2,350 to Rs2,490, 400 bales, Kumb at Rs2,510, 400 bales, Khipro at Rs2,580, 1,000 bales, Sadiqabad at Rs2,650 and 4,000 bales, at Rs2,575.