September 15, 2007	Saturday	Ramazan 2, 1428

KARACHI, Sept 14: Cotton market on Friday showed firm trend as prices were quoted higher by Rs25 to Rs50 per maund as ginners held onto their unsold positions after fall in arrivals of phutti.

Most of the deals both in the Sindh and the Punjab lint were finalised between Rs2,850 and Rs2,900 per maund, the notable feature was that there was no varietal premium, floor brokers said.

They said unlike the previous season, the quality of the Punjab lint may have been damaged owing to rain and pest attack and that was why it was selling at par with its Sindh counterpart.

All eyes are now focused on the lint from the major growing areas of fine lint and indications are that lint both from upper Sindh and the southern Punjab belt will set the future market trend as well as selling prices.

News from the world markets were also bullish as the ruling October contract on New York cotton futures market hit its target of 60 cent per lb after several abortive attempts and was quoted at 60.25 cents per lb, while the forward December was ruling firm at 62.85 cents per lb.

There was a loud whispering in the market that local prices may rise further in sympathy the foreign lint based on supply and demand factors, dealers said, adding “the current panic mill buying reflects the spinner perceptions”.

Official spot rates were again quoted at Rs2,800 per maund, up by Rs25, but in the ready section most of the deals were done well above them.

The following deals were reported by the brokers.

SINDH VARIETY: 1,000 bales, each Shahdadpur, Tando Adam and 800 bales, Nawabshah at Rs2,900, 1,000 bales, Mirpurkhas at Rs2,850 to Rs2,890, 800 bales, each Sanghar and Shahpur Chakar at Rs2,875 to Rs2,900.

PUNJAB TYPE: 600 each and 800 bales each, Gaggon, Burewala, Chichawatni and Pakpattan at Rs2,875 to Rs2,900, 400 bales, Arifwala at Rs2,875 and 400 bales, Muridwala at Rs2,900.