KARACHI, Nov 12: Trading on the cotton market on Monday resumed on steady note as spinners and mills continued to make fresh covering purchases at the declining prices. About 30,000 bales, mostly from the Punjab ginneries including some big lots, changed hands between Rs3,200 to Rs3,250 per maund but local brokers said some of the ginners were inclined to further lower their asking prices to clear the backlog of unsold lots.

For the first time during the current season, Sindh type was neglected as spinners confined their offers to the Punjab lint said to be of fine quality suited to spin higher counts of cotton yarn and export quality cloth, floor brokers said.

Although the crop estimates were further lowered to slightly above 10m bales by the private surveys from the revised target of 12.5m bales, which in normal situations should have boosted prices amid rumours that some of spinners have signed import deals with the Indian exporters, they said.

According to market sources some of the spinners and mills have signed import deals for half a million short staple lint with the Indian exporters and bulk of it will arrive here through the overland routes, which halted the current price flare-up on the local market.

But some others said that ginner selling appears to be more psychological rather than real and they may raise their asking prices again on the strength of a short crop in the coming weeks. Official spot rates were, therefore, again held unchanged at Rs3,175 per maund, although most of the fine lots were traded well above them.

The following are some of the notable deals, which gone through in the ready section on Monday.

SINDH TYPE: 1,000 bales, Shahdadpur at Rs3,125 to Rs3,150.