April 16, 2008	Wednesday	Rabi-us-Sani 9, 1429

KARACHI, April 15: Cotton market maintained a firm trend on Tuesday as prices remained stable around the previous levels amid light trading.

Stray lots did change hand below Rs3,500 per maund depending on the quality of lint but there were no signs of an aggressive buying from spinners or mills, floor brokers said.

However, some of the leading mills need fine lots to cover their forward sales of textiles for the last quarter of the current fiscal, ending June 30, they said, adding, much of the business is being transacted in them around an average rate of Rs3,400 per maund.

They said there appears to be a relative quiet on the import front as spinners and mills did not make any forward deal after the world prices again staged a rebound above the 70-cent per lb level.

However, fresh consignments under the deals signed earlier are steadily arriving from various sources, including India, and the textile sector is not worried over future supplies as gaps had already been filled in through import, they added.

Meanwhile, growers are preparing land for new cotton crop, which is expected to be resumed by May 15 to June 15, said to be ideal sowing time for a healthy crop.

The important development during the current season is that a major emphasis is being laid by the official sources on the quality seed, notably BT (biotechnology) said to be pest-resistant and high yielding variety, widely sown in India, market sources said.

Official spot rates were again held unchanged at the overnight level of Rs3,300 per maund but New York cotton futures on the other hand were marked further down by 0.14 and 0.16 cents per lb at 74.02 and 77.53 cents per lb for the ruling May and the new crop July contracts, respectively.

Mills ready off-take was light, amounting to about 3,000 bales, the following being some of the notable deals: 1,000 bales, Buchari Rs3,350; 600 bales, Qazi Ahmed at Rs3,400 and 710 bales, Sadiqabad also at Rs3,400.