May 13, 2008	Tuesday	Jamadi-ul-Awwal 7, 1429

KARACHI, May 12: Trading resumed on a cheerless note on the cotton market on Monday as spinners and mills remained conspicuous by their absence.

Floor brokers said for the past couple weeks, spinners re-enter or leave the market without taking normal trading interest at this time of the season.

“One day they reenter the market and buy a few hundred lots and then keep away in an apparent effort to outwit ginners on the price front,” they said.

After having imported a substantial quantity of lint from various sources because of a short crop, spinners and mills are in a comfortable supply position through the current season and buy at will only those lots which conform to their export parity levels, some others said.

Ginners are, however, not worried over the absence of buyers as an unsold stock of about 0.3 million bales is in no way a burden on their financial position, they said, adding: “Leading among the ginners who hold bulk of the unsold stocks entertain still better prices during the next couple of weeks,” they said.

Meanwhile, farmers are in the process of preparing fields to resume sowing of the new crop after the release of irrigation water in the major network during the last couple of weeks.

The ideal sowing period is considered between May 15 and June 15 for a healthy crop as extremely hot weather during this time kills pest which attacks the tender plant ensuring normal growth, ginners said.

Unlike the previous season, which caused the crop failure owing to defective seeds, growers are now planning to sow the certified BT cottonseeds, which, according to analysts, doubles per acre yield if properly cared, they said.

Official spot rates did not show any changes in the absence of feedback from the ready section and were firmly held at Rs3,375 per maund.

Mills ready off-take was slack as only 640 bales, from a Rohri ginnery, changed hands at Rs3,475 per maund.