April 04, 2007	Wednesday	Rabi-ul-Awwal 15, 1428

KARACHI, April 3: Cotton market on Tuesday passed through another dull trading session as spinners kept to the sidelines apparently to have an overview of the local supplies and their annual consumption needs.

Floor brokers said their absence from the market could not be explained in the backdrop of supply and demand factors. Leading among them have pretty comfortable stock position after having purchased bulk of their demand early in the season but their weaker links appear to be on the receiving end.

“No one could believe that second session in a row could close without any deal either for the low-mic or the fine lint,” they said.

But some others said it was not possible at this stage of the season to outwit ginners who had already sold bulk of their stocks, it appeared to be tactical spinner move aiming at pushing prices lower.

But leading spinners claimed that the situation on the export front was disappointing as prices being offered by the importers were too low to resume exports.

“Until the situation on the textile export front shows an improvement, mill demand for lint may remain on the lower side during the coming weeks also,” they said.

But market sources questioned their operational economy for opting to imports despite the fact that fine stuff was locally available at competitive rates.

According to market sources more than half million bales mostly of fine quality was lying in ginners’ gowdowns and spinners should go for them rather than foreign stuff.

Official spot rates were again held at the last level of Rs2,600 per maund in the absence of any feedback from the ready market.

New York cotton futures shed another 0.33 and 0.28 cents at 53.24 and 54.78 cents per lb for both the ruling May and the distant July contracts respectively.