January 25, 2008	Friday	Muharram 15, 1429

KARACHI, Jan 24: After several lean sessions normal trading resumed on the cotton market on Thursday as spinners and mills covered forward positions against foreign sales amid brisk activity.

But there was a wide difference in the selling prices based on quality as some of the deals were finalised at Rs3,400 per maund on the higher side, while some others were traded as lower as Rs3,150.

Some big lots of fine lint from Rahimyar Khan and Khanpur ginneries changed hands between Rs3.250 to 3,400 per maund, sending signals that mills are back in the market and are inclined to make bigger commitments, floor brokers said.

Ginners, too, were inclined to clear the backlog but at competitive price before the arrival of Indian stuff through the Wagha overland route.

But a leading ginner said they are least worried over the official permission to the textile sector to import half a million bales of lint from India through an overland route.

There is a loud whispering in the cotton circles that Indian exporters are reluctant to honour their forward commitments made some months back owing to sharp increase in global prices, he said.

However, spinners are not inclined to say a word on the rumours, which could have a negative bearing on the local prices. There were reports that some trucks loaded with the Indian lint had already delivered consignments to the Punjab spinners some months back followed by reported interruption because of price hike.

Official spot rates were again firmly held at the last level of Rs3,200 per maund for an average type of lint.

Ready business was on the higher side totaling about 20,000 bales as under:

SINDH TYPE: 1,200 bales, Shahdadpur at Rs3,250, 1,400 bales and Gothki at Rs3,300.

PUNJAB VARIETY: 2,000 bales, Sadiqabad at Rs3,200 to Rs3,250, 6,000 bales, Rahimyar Khan at Rs3,225 to Rs3,400, 4,000 bales, Khanpur at Rs3,250 to Rs3,400, 2,400 bales, Liaquatpur at Rs3,150 to Rs3,250 and 1,000 bales, Khanewal at Rs3,150 to Rs3,250.