KARACHI, May 23: Cotton market on Wednesday lacked normal trading interest as spinners and mills again kept to the sidelines apparently awaiting fresh developments on the import front.
“Spinners and mills are probing the world markets in an effort to get cheaper and prompt supplies,” said a spinner, adding a good number of deals have already been signed and more are in the pipeline”.
But market sources said the emphasis was on imports from India through an overland route as it would save a substantial amount on freight account.
They said that there was a loud whispering in the market about deals with India for a substantial quantity but details from the spinners and mills were not available.
According to them some of the leading spinners were also in touch with other countries including US and Dubai-based import houses for immediate supplies to make up the shortfall.
Meanwhile, ginners were silent on the developing situation in the backdrop of a short crop and appeared to be least worried about the absence of spinners from the ready market.
Our unsold stocks are not more than 0.225m bales and can be disposed of just in a day around the prevailing prices, observed a ginner.
It was perhaps in this background that there was no change in the official spot rates but some of the deals reported in the ready section were done well above them.
After having risen sharply higher during the last couple of sessions, the New York cotton futures on the other hand turned mixed. While the ruling July contract fell by 0.22 cents per lb at 50.32, the new crop October was held unchanged at 53.80 cents per lb.
Ready offtake was modest as about 1,000 bales changed hands, which also included 400 bales from Gothki at Rs2,640 per maund.
