KARACHI, May 24: Cotton market on Thursday witnessed dull trading as spinners remained busy in probing world markets for supplies at cheaper rates.
Some of the ginners who held stray lots of both fine and inferior lint sold in a bit haste fearing fall in prices as spinners seemed to be more interested in foreign stuff, dealers said.
As a result, some of the deals were finalised as low as Rs2,500 per maund, what the dealers claimed, low-mic lint. But ginners who still held odd lots for better prices were inclined to clear the backlog.
Floor brokers said steep fall in the New York cotton futures after sustained rise during the last couple of sessions had changed the entire outlook for imports.
New York cotton futures had steadily risen during the last couple of sessions on speculative buying ahead of Pakistan’s entry into the world cotton markets and were settled well above 50-cent per lb mark, they said.
But as Pakistan spinners were not inclined to go beyond specific price limits compatible with their export parity levels, speculative traders sold long positions in a bit haste, causing sharp fall in futures, some others said.
New York cotton future fell below the 50-cent level at 49.14 cents per lb for the ruling July contract, off 1.18 cents, while the new crop October settlement was marked down 1.15 cents at 52.65 cents per lb.
Unconfirmed reports said some of the leading mills and spinners had booked several lots below the 50-cent for delivery early next month.
There was, however, no change in the official spot rates, which were again held unchanged at Rs2,650 per maund.
Ready offtake was light totalling about 1,000 bales as under: 600 bales, Kotri at Rs2,500 and 400 bales, Bahawalpur at Rs2,550.
