April 10, 2007	Tuesday	Rabi-ul-Awwal 21, 1428

KARACHI, April 9: Trading on the cotton market on Monday resumed on a dull note as leading spinners and mills again kept to the sidelines owing to higher asking prices. Floor brokers said spinners and mills keeping in view their export parity levels were just marking time as even leading among them were not inclined to go beyond the level of Rs2,800 per maund for fine lots.

But on the other hand ginners with unsold stock of 0.673m bales were eyeing the price of Rs3,000 per maund and preferred to hold on to their stocks rather than selling them below this level, they added.

“Owing to a prevailing standoff on the price front, ready offtake is the chief victim,” says a leading broker “the market is now dominated by the ginners and spinners are at the receiving end”.

He said spinners were now relying on larger imports in an effort to restore sanity in local trading and to meet their future consumption needs.

According to unconfirmed reports spinners and mills had so far made forward deals of 2m bales from various sources including India and stray consignments had already arrived.

Official figures put the import figure at 0.068m bales during February 2007, the total so far being 0.273m bales.

Meanwhile, shipment of consignments under forward deals up to March 31totalled 0.177m bales, both of the current and the old crop.

Official spot rates were firmly held at the weekend level of Rs2,725 but ginners were asking for much higher.

Ready activity remained listless but brokers said some low-mic lots from the central Sindh and Punjab cotton belt changed hands but details were not immediately available from the upcountry brokers.