January 23, 2008	Wednesday	Muharram 13, 1429

KARACHI, Jan 22: Cotton market on Tuesday finished on a steady note as mills and spinners resumed their normal buying operations after the Ashura holidays.

However, there was a difference of Rs135 per maund in the selling prices based on quality premiums. While the fine types were traded higher at Rs3,300, the inferior ones were traded around Rs3,150 per maund.

“In a terribly short crop spinners have to keep a balance between the supply and the price,” said a spinner adding: “Moreover we have to keep an eye on our export parity level as we have to sell textiles in a highly competitive market.”

“That is why our daily intake fluctuates on the lower and higher side in line with the asking prices by the ginners as the price war is now between us”, he said.

After having sold his stocks of phutti the grower is now out of the picture and battle of nerves is between the spinners and the ginners, he said.

Much of the activity again remained confined to the Punjab variety, while Sindh type lacked normal support owing partly to higher asking prices for the upper Sindh lint, floor brokers said.

However, there were not many big-lot deals as bulk of the about 10,000 bales, which changed hands were of retail lots, indicating that small spinners are also active buyers around the current levels, they added.

Official spot rates were, however, again firmly held at the last levels for average quality lint at Rs3,200 per maund.

The following are some of the notable deals, which were gone through in the ready section late in the evening.

SINDH TYPE: 400 bales, Saleh Pat at Rs3,350.

PUNJAB VARIETY: 1,000 bales, Uch Sharif, at Rs3,280, 2,200 bales, Jehania at Rs3,350, 1,133 bales, Alipur at Rs3,300, 400 bales, Mian Channu at Rs3,200, 800 bales, Lodharan at Rs3,275, 400 bales, Bahawalpur at Rs3,150, 400 bales, Gaggon at Rs3,165, 400 bales, Kabirwala at Rs3,300, 200 bales each Pir Adil and Shadan Lund, and 800 bales, Dunyiapur and Dharnawala at Rs3,300.