June 07, 2008	Saturday	Jamadi-us-Sani 02, 1429

KARACHI, June 6: The cotton market on Friday maintained firm trend as leading ginners were not inclined to lower their asking prices below Rs4,000 per maund as their remaining unsold stock could be disposed of within no time.

But some of the leading spinners and mills managed to clinch big-lot deals from weaker links of ginners whose holding capacity was not that strong, floor brokers said.

Spinners said most of the ginners had pooled their odd lot stocks to sell at a uniform price and “we are exploiting them leaving leading aside for the time being”.

They said stocks lying with the leading ginners may not be more than 150,000 bales and could be purchased just in a single session if their selling prices fall in line with world parity levels.

“We are awaiting relief package for the textile sector in the upcoming budget and will accordingly adjust our selling strategy,” said a leading ginner. “We will sell or hold onto our unsold positions in the light of the budget,” he added.

Meanwhile, reports coming in from the central Punjab cotton belt indicate that ginners there are expected to resume ginning operations next week to honour forward delivery commitments by this month end, dealers said.

The picking operations of phutti in some of the areas of the central Punjab cotton belt are said to be resumed in couple of days, they added.

New York cotton futures lacked normal buying interest from the foreign consumers and showed modest increase of 0.33 and 0.03 cents per lb at 64.65 and 69.30 cents for both the ruling July and the forward October contracts, respectively.

There was, however, no change in the local official rates, which were firmly held at the overnight level of Rs3,700 per maund.

The following big deals were finalised on Friday: 1,400 bales, Mirpur Mathelo at Rs3,825 and 2,200 bales, various stations of southern Punjab at Rs3,975.