KARACHI, Jan 18: Cotton market on Friday closed the weekend session on relatively quieter note as both buyers and sellers kept to the sidelines ahead of release of arrival figures by the Pakistan Cotton Ginners Association (PCGA) later in the evening.

Although the figure is well known to parties concerned, they made it an excuse to stay away. The main worry was delivery problems owing to Ashura holidays, floor brokers said.

According to PCGA figures, the total arrivals up to Jan 15, were close to 10m bales, out of which mills have purchased 8.1m bales, leaving an unsold stock of 1.8m bales, with the ginners, which is lower by 0.1m bales from the previous one at 1.908m bales. But indications are that the total crop may not hit even the revised target. It will be 10m bales plus as the arrivals from some of the leading growers are still to reach the ginneries.

While Sindh cotton belt turned out a higher crop, a good part of the shortfall of about 19 per cent was recorded in the Punjab cotton belt owing to pest attack and damage caused by the late rain, market sources said.

However, the market did not react to lower figures as its major impact has already been absorbed after ruling prices soared to Rs3,400 per maund for fine quality lint, floor brokers said.

Meanwhile, New York cotton futures maintained their upward drive on strong speculative support, aided by pressure on ready supplies, and were quoted higher by 0.61 and 0.62 cents per lb at 71.92 and 73.65 for both the ruling March and the distant May contracts, respectively.

Whether or not the price flare-up on the world markets will have sympathetic impact on local market will be known during the next couple of sessions, some others said.

Official spot rates on the other hand were firmly held at the last level of Rs3,200 per maund for an average quality lint.

Ready business was light owing to absence of buyers and totalled lonely 2,000 bales as under: 800 bales, Dadu and 300 bales, Mirpurkhas at Rs3,300, 400 bales, Daulatpur at 3,275, 200 bales, Layyah at 3,265 and 400 bales, Pakpattan at 3,275.