February 01, 2008	Friday	Muharram 22, 1429

KARACHI, Jan 31: Trading on the cotton market on Thursday remained insipid as spinners and mills kept to the sidelines most of the time and did not make fresh buying offers.

Although unofficial reports said some lots did change hands in the southern Punjab cotton belt but details were not immediately available, market sources said.

But in the local ready section, no broker reported any deal either in the Sindh or the Punjab variety, a new development in cotton trading where a short local crop is said to be a dominating force, they added.

Floor brokers failed to pinpoint any specific reasons behind the spinners and mills absence despite the fact that a section of ginners still holding odd lots was inclined to sell at the lower levels.

They said spinners seem to be very choosy after the imported stuff has reached in their godowns, raising the total so far to 1.5m bales.

“Together with the spinners local intake of about 0.9m bales from the ginneries so far the total availability of lint with them appears to be enough for the next quarter,” cotton analysts said.

Official spot rates were firmly held at the previous level of Rs3,200 per maund of average quality.

New York cotton futures posted fresh modest rise of 0.32 and 0.37 cents per lb for both the maturing March and the distant May settlements, respectively, at 68.56 and 70.43.

Physical activity remained slow as till late in the evening no deal was finalised between the ginners and spinners.