KARACHI, Dec 4: Cotton market on Thursday remained under pressure for no apparent bearish reasons as some of the ginners were a bit jittery after the Trading Corporation of Pakistan (TCP) resumed market support operations.

Some analysts said the role of the TCP needs to be redefined as a market stabiliser, leading to a fair price, but its entry into the cotton trade since Monday tells a different story as lint prices are declining rather than rising.

There could be no immediate reason behind the falling prices in the backdrop of New York cotton futures, which is ruling firm around 45 cents per lab, they added.

But some brokers said the wide gap of Rs250 per maund between the selling prices of the lint and the phutti reflects spinner quality concerns.

Phutti prices are almost static around the previous level of Rs1,550 to Rs1,650 per maund and those of lint are falling, touching the low of Rs2,750 per maund.

The perception behind the ginners worry appears to be the fact that the TCP will lift all the fine lots at Rs3,202 per 40kgs, which in turn would have a negative impact on prices of the unsold stocks, including inferior lots, floor brokers said. Already, there is a difference of Rs250 per maund between the fine and the inferior lots, which ginners fear may widen further in the coming weeks, they said.

Meanwhile, the TCP sources said its buying centres in the cotton belt have purchased another 8,000 bales, from various ginneries, making the total since Monday to 65,000 bales, mostly of fine lots.

Official spot rates were revised downward by Rs50 at Rs2,950 per maund but bulk of the business was done well above this rate.

New York cotton futures showed modest rise of 0.04 and 0.27 cents per lb at 45.10 and 46.60 cents per lb for both the maturing December and the forward March contracts, respectively.

Mill ready off-take was relatively slow, amounting to 20,000 bales, the following being some of the notable deals:

SINDH VARIETY: 200 bales, Shahdadpur at Rs2,750, 400 bales, Mehrabpur at Rs2,775, and 400 bales, Dadu at Rs2,825.

PUNJAB TYPE: 2,200 bales, Ahmedpur East at Rs2,950 to Rs2,975, 1,000 bales, Bahawalpur, 200 bales, Mubarakpur, 400 bales Lodhran, 800 bales, Khanewal at Rs2,950, 800 bales, Sadiqabad and 400 bales, Rajanpur at Rs3,000, 400 bales, Jalalpur at Rs2,925, 400 bales, each Mongi Bungalow, Gojra, 200 bales, Fort Abbas and Muridwala at Rs2,900, 200 bales, Fazalpur at Rs2,975 and 200 bales, Chistian at Rs2,750.