KARACHI, March 29: Cotton market on Thursday passed through another dull trading session in the absence of falling ready demand both from the mills and spinners. Stray lots comprising inferior and fine types did change hands at Rs2,500 to Rs2,700 per maund depending on the quality of lint in trade, floor brokers said.

But some of the brokers having their sub-office or agents in Multan and Rahimyar Khan claimed that mills were lifting daily lots for ready delivery at different rates linked to quality premiums, they said.

A good number of spinners and mills, who have signed substantial import deals with foreign exporters, however remained conspicuous by their absence apparently awaiting the arrivals of their shipments, some other said.

“Stray consignments of imported stuff have started arriving at the port, which in turn will have a negative impact on the local physical trading,” said a local broker, predicting “dull trading conditions in the weeks to come as spinners have opted for imported lint, which is claimed to be a bit cheaper”.

In the absence of latest official import figures by the textile sector, there are conflicting reports about the forward import deals amounting to over a million bales, he said.

But official import figures according to Federal Bureau of Statistics stood at 69,099 bales during January 2007 and the total since Aug last year being 0.205m bales. Official spot rates were again firmly held at the overnight level of Rs2,600 per maund for average quality lint but fine types were traded higher.

Ready offtake was light totalling 3,000 bales, as under: 1,800 bales, Khanpur at Rs2,700, 500 bales, Vehari at 2,500.00 and 400 bales, Khairpur at 2,640.