October 09, 2007	Tuesday	Ramazan 26, 1428

KARACHI, Oct 8: Trading on the cotton market resumed on an easy note as prices showed fresh fall ranging from Rs25 to Rs50 per maund in the absence of strong mill demand.

Most of the deals both in Sindh and Punjab lint were finalised between Rs2,825 to Rs2,850 barring a fine quality lot from Khanewal at Rs2,900.

But despite lower prices, which said to be terribly competitive in the backdrop of international prices, spinners and mill did not opt for panic buying apparently hoping further fall in prices in the post-Eid holiday trading week, , analysts said.

However, some of the leading spinners lifted a number of lots at the lower rates for delivery before Eid holidays and so did some of the local mills, dealers said.

Some of the ginners who held long oversold positions tried to sell at lower prices, but leading spinners and mills mostly kept to the sidelines an in apparent effort to let prices fall further, floor brokers said.

“Although Eidul Fitr is still about a week away pre-holiday mood has gripped the market as was reflected in the falling daily volume,” they said, adding “delivery problems before the holidays appear to be chief factor behind the fall in mill buying”.

Indications are that prices may ease further as the current standoff on the arrival front could open floodgate of phutti after Eid holidays as growers are expected to clear their unsold positions which may bring down phutti and lint prices, they added.

Official spot rates, however, did not show any change and were firmly held at the last levels amid relatively slow trading.

Ready off-take was relatively slow totalling about 8,000 bales. Following being some notable deals:

SINDH TYPE: 1,000 bales, Shahdadpur at Rs2,825 to Rs2,870, 1,000 bales, Sanghar at Rs2,825, 600 bales, Tando Adam at Rs2,825 to Rs2,850 and 600 bales, Khipro at Rs2,825.

PUNJAB VARIETY: 1,000 bales, Khanewal at Rs2,875 to Rs2,890, 1,000 bales, Burewala at Rs2,825 to Rs2,850, 500 bales, Chichawatni at Rs2,825 to Rs2,850, 400 bales, Sahiwal at Rs2,825 and 400 bales, Muridwala at Rs2,825.