September 08, 2007	Saturday	Sha'aban 25, 1428

KARACHI, Sept 7: Cotton market on Friday showed steady trend followed by reports of rain in some of the areas of the central Punjab and fall in arrival of phutti into the ginneries.

Picking operation of phutti in these areas has been temporarily suspended and is expected to be resumed after the cotton fields are dried, floor brokers said.

Sindh type was traded higher by Rs50 to 75 per maund at Rs2,800 to 2,825 per maund, while Punjab variety around Rs2,900 per maund.

Denying reports of a short crop, a recent survey conducted by the spinners association said that the crop is in line with the official projections and there is no reason to be scared.

“No one could deny the meelybug’s attack in some of the areas, and is said to have been washed away by the rain and is controlled by timely spraying,” it said adding “even its presence in some of the areas may not affect the total crop.”

Leading ginners claim yield of lint per 40 kg of phutti is one kg higher around 13.5 kg as compared to 12.5 kg a year ago and it will significantly add to the total target.

The more important feature of the current crop is that the quality of lint is far better than previous ones and is according to the standards of spinners and mills, they added.

They said speculative reports about the size of the crop are floated by some vested interests but those associated with the cotton trade must follow the official crop estimates as they are based on ground realities and on the spot surveys, they said.

Official spot rates were again held unchanged, although in physical trading most of the deals were done well above them.

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

SINDH TYPE: 2,000 bales, each Shahdadpur and Tando and 1,000 bales, Sanghar at Rs2,825, and 1,000 bales, Khipro at 2,800.

PUNJAB VARIETY: 500 bales, Burewala and 400 bales, Pakpattan at Rs2,900, and 400 bales, Arifwala at 2,875.