KARACHI, June 15: Trading on the cotton market was relatively slow in the absence of fresh selling offers by the Punjab ginners who observe Friday as weekly holiday.

But some local brokers said a couple of lots from the central Sindh ginneries changed hands around Rs2,550 per maund as some of the needy spinners signed fresh deals with the local ginners but details of number of bales were not available with the Karachi Cotton Association (KCA).However, the heating of the foreign markets, notably New York cotton market, did worry spinners and mills as expensive lint could further add to their production costs having negative bearings on textile exports.

Leading ginners aware of the changing world cotton scenario are a bit happy that they may get still better price for their unsold stocks in the coming weeks irrespective of spinner’s tilt toward the new crop, brokers said.

“New York cotton futures are heading for the 60-cent per lb on strong speculative buying by some of the leading consumers not in the very distant future,” said a leading ginner, predicting another tough year for the textile industry”.

The ruling new crop October contract was quoted around 57.08 cents per lb, up by 0.93 cents, while the maturing July settlement was higher by 1.56 cents per lb at 54.00 cents.

Local ginners who still hold about 0.110m bales are now anticipating higher price notably for fine lots, market sources said.

Meanwhile, reports reaching here from the lower Sindh cotton belt indicate that some of the ginners, who have procured enough stocks of phutti, are now planning to resume ginning operations by the end of the current month.

Official spot were, therefore, firmly held at the overnight level of Rs2,600 per maund for the fifth session in a row.