KARACHI, Nov 13: Cotton market on Thursday remained under pressure on renewed ginners’ selling but larger fall was resisted followed by strong covering purchases made by a leading spinner group, floor brokers said.Although official spot rates were further lowered by Rs50 per maund, in physical trading most of the deals were finalised well above the overnight lows of Rs2,700 to 2,800 per maund on late mill buying, they said.

“The market seems to have completed its bearish cycle for the second time during the last couple of weeks and indicates that a strong rebound is around,” said a ginner adding: ”Heavy mill buying at Rs3,000 reflects that ginners have absorbed the snap bear shocks.”

The change in the underlying sentiment in part was also caused by the rebound staged by the New York cotton futures after having received massive battering below the benchmark of 40 cents per lb, they said.

Although the recovery

was too feeble to indicate that the worst may be over but analysts said the bottom has already been hit after about six years.

Both the ruling December and the forward March contracts were quoted higher by 0.31 and 0.39 cents per lb at 39.45 and 41.75 cents, respectively.

Much of the resistance was offered by the Punjab ginners, who held on to their long positions and sold only retail lots as compared to their counterparts in the Sindh, who again indulged in big lot business, they added.

Official spot rates were quoted further lower by Rs50 per maund at Rs2,950, although most of the deals in the ready section were done depending on the quality of lint.

Mill ready off-take was relatively slow amounting to about 20,000 bales as under:

SINDH TYPE: 1,500 bales, Mirpurkhas and Sultanabad at Rs2,700 to 2,800, 1,600 bales, Shahdadpur at Rs2,800 to 2,900, 800 bales, Sanghar at Rs2,750 to 2,850, and 1,000 bales, Khairpur at Rs2,775 to 2,850.

PUNJAB VARIETY: 2,200 bales, Bahawalpur, 3,000 bales, Rajanpur, 1,400 bales, Chichawatni, 1,000 bales, Gaggon, 600 bales each Layyah, Faqirwali, 400 bales, Lodhran, Fazalpur, 200 bales Alipur, and Pir Mahal at Rs3,000, 200 bales, Jahania at Rs2,950, 200 bales, Bakkhar at Rs2,900, 600 bales, D.G. Khan at Rs2,975 to 3,000, 400 bales, Haroonabad at Rs2,975 to 2,985 and 1,000 bales, Jalalpur at Rs2,950 to 3,000.