September 01, 2007	Saturday	Sha’aban 18, 1428

KARACHI, Aug 31: Cotton prices on Friday remained stable around the previous levels but in physical trading most of the deals were finalised depending on the quality of lint in trade.

Unlike the overnight hasty selling by the ginners, leading ones held on to their position and did not lower their asking prices, brokers said adding as a result mill ready off-take was on the lower side.

Both the ginners and the grower seem to have absorbed the shock of steady arrival of phutti into the ginneries and market talk of higher crop and in unison decided to keep the price line intact, they said.

As a result, ready business was on the lower side as compared to last couple of sessions as leading ginners were not inclined to sell at the lower levels.

Moreover, Punjab markets were closed as they mostly observe Friday as a weekly holiday, although some of them resume trading later in the evening, they said.

The market’s future trend will be known by tomorrow whether ginners managed to maintain prices at the current levels or their weaker links again sell in haste, pushing prices again lower, market sources said.

Meanwhile, there was no immediate bearish impact of the falling New York cotton futures as spinners are more interested in local lint rather than the foreign stuff.

Official spot rates were again held unchanged at Rs2,900 per maund but some of the deals in the ready section were done well below them.

The following are some of the deals, which gone through late on Friday evening:

SINDH TYPE: 2,000 bales, Shahdadpur and 1,000 bales, Tando Adam at Rs2,775 to 2,850, 1,000 bales each Mirpurkhas and Sanghar at 2,700 to 2,800.

PUNJAB VARIETY: 600 bales, Burewala at Rs2,950, 400 bales, each Gojra and Bahawalnagar at 2,900.