KARACHI, Dec 31: After a three-day closure, trading on the cotton market resumed on Monday on a quieter note as buyers and sellers kept to the sidelines, awaiting apparently fresh news on law and order front.

While spinners and mills were buyers around the current levels despite prompt delivery problems, ginners appear to be still mourning the death of Benzair Bhutto who was assassinated on Dec 27, said a broker.

He said normal trading activity may take some more days as fears of law and order situation continued to haunt both sellers and buyers.

Spinners and mills who need immediate supplies to replenish their dwindling stocks were worried over current state of affairs, which has created more than one problem on the export front, notably delayed physical shipments against the forward deals, some others said.

They said indications are that ginners may raise their asking prices after the normal trading resumes possibly during the next couple of sessions, although delivery problem will be there as cargo haulers are still reluctant to bring their vehicles on the roads after massive burning of containers and trucks during the last couple of sessions.

Meanwhile, private sector exporters have registered export contracts with the Trade Development Authority up to Dec 15, totalling 70,073 bales, comprising 8,656 bales of the old crop and 61,417 bales of the new crop.

Physical shipments against the forward deals up to the same date (Dec 15), amounted to 48,863 bales, according to official figures.

There was no change in the official spot rates, which were quoted at Rs3,025 per maund.

Mill ready off-take remained at the low ebb as till late in the evening no deal was reported by the leading brokerage houses.

The following are Monday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/32” micronair value between 3.8 to 4.9 NCL.

Rate for Ex-Gin Price Up-country Spot rate

Expenses Ex-Karachi

37.324 kgs 3,025.00 50 3,075.00

Equivalent

40 kgs 3,242.00 50 3,292.00