KARACHI, Oct 12: Cotton market on Friday passed through a dull trading session as both leading buyers and sellers were conspicuous by their absence because of delivery problems. Physical business was, therefore, at a low ebb.

Floor brokers said the strong presence of the Trading Corporation of Pakistan (TCP) in cotton trading has boosted the market sentiment as prices have stabilized well above the Rs1,600 per maund mark.

According to TCP sources, it has already purchased about 80,000 bales both from the Sindh and Punjab ginners at the fixed price of Rs1,855 per maund well above the ruling rate of below Rs1,700. The TCP is supporting the market to ensure fair prices for the growers.

The strike called by some of the religious parties as a protest against the US bombing on Afghanistan also took its toll as attendance on the market was thin owing to transport problems.

However, a leading brokerage house reported stray business in some lots from the Punjab ginners for delivery during the next couple of days.

But there was a relative lull on the local dealing as spinners were not inclined to make fresh commitments as physical delivery was not possible because of strike and the absence of cargo haulers.

As a result, both buyers and sellers just marked time. Weaker among the brokers were so worried over the law and order situation followed by reports of mob attacks on some of the industrial units in the SITE area that they worked with doors of their offices shut, some brokers said.

Meanwhile, according to official figures mill consumption of the organized sector has risen to 8.184m bales, from Sept 1, 2000 to June 30, 2001, showing a significant increase over the comparable figures for the last year.

The notable feature was that the monthly figure has touched the highest mark of 0.836m bales well above the previous average figure of 0.780m bales.

Official spot rates consolidated overnight gains and were held unchanged at the last levels. Details of stray business were not available from the brokerage houses.