KARACHI, Nov 10: Trading on the cotton market on Monday resumed on a subdued note as ginners continued to liquidate their long positions on higher local crop ideas and persistent decline in New York cotton futures to six-year low.

The spinners were, however, in no mood to keep to the sidelines despite falling export demand for textiles and again lifted all the lots, about 40,000 bales, between Rs3,100 and 3,200 per maund depending on the quality of lint in trade, floor brokers said.

Floor brokers said the fact that the world cotton prices are close to hit the lows at 40 cents per lb could well mean cheaper imports after the current financial crisis is over but spinners are not taking risks owing to forex problems and are relying on the local crop.

The said steady arrivals of phutti into the ginneries, they said, may not be a prelude to a higher crop but panic selling by the growers at the lower rates did panic them.

“The grower appears to be in a bit hurry making arrangements for wheat sowing well in time,” some cotton analysts said adding “They are out to eliminate the weaker links of their crop to vacate fields for wheat sowing.”

That perhaps may be the chief reason behind the flooding of the ginneries with phutti arrivals leading to the price fall of both phutti and lint, they said.

Even in normal conditions some of the growers cut unhealthy cotton plants after having plucked bolls to prepare fields for early wheat sowing, they added.

Official spot rates were revised downward by Rs25 per maund at Rs3,175, although most of the deals in the ready section were done well above them.

In the ready section, about 40,000 bales changed hands as under:

SINDH TYPE: 1,000 bales, Sanghar at Rs3,075 to 3,100, 1,000 bales, Shahdapur at 3,100 to 3,125, 400 bales, each Khipro and Hala at 3,075, and 600 bales, Sakrand at Rs3,050 to 3,075.

PUNJAB VARIETY: 3,600 bales, Khanewal and 800 bales, Ahmedpur East at Rs3,200 to 3,250, 1,000 bales, Rajanpur at Rs3,210 to 3,225, 1,000 bales, Bahawalnagar, 400 bales, Sadiqabad, 600 bales, Bahawalpur, 1,000 bales, Alipur, at Rs3,200, 1,000 bales, Chichawatni at Rs3,100 to 3,200, 1,700 bales, Haroonabad at Rs3,150 to 3,200, 2,000 bales, D. G. Khan at Rs3,175 to 3,200, 1,000 bales, Vehari at Rs3,150 to 3,200, 200 bales, Jahania at Rs3,175, 200 bales, each Layyah, Chishtian, and Bhakkar, at Rs3,140 to 3,150.