KARACHI, July 9: Cotton market finished the weekend session on a steady note after having confidently consolidated the mid-week gain of Rs25 per maund. There was a relative quiet after that but some brokers said some of the spinners were willing buyers of fine lots from the upper Sindh ginneries above Rs2,400 per maund.

Stray business is being done direct between the spinners and the ginners details of which are not immediately transmitted to the Karachi Cotton Association, they said.

However, some leading ginners who still hold modest unsold stocks are inclined to unload them before the arrivals of the new crop of the lower Sindh cotton belt.

According to reports reaching here from the lower Sindh cotton belt arrivals of new crop phutti into the ginneries are fairly steady and some of them are planning to resume ginning operations by the end of the current month as by that time sufficient quantity of it will be in their ginneries.

“Some of the ginners have made forward deals at around Rs2,400 per maund with spinners for delivery early next month or late July, while some others at the spot rates on the date of delivery,” brokers said.

Despite reports of stray business for the current crop at the higher rate of Rs2,500 per maund, the new crop from Sindh is expected to be sold slightly below this level because of quality differentials, they said.

Meanwhile, ginners say official farm agencies associated with the cotton crop besides monitoring the crop situation are also in contact with the growers and demonstrating them how to control the pest attack if any.

The government is taking corrective steps well in time to achieve the projected crop target of 15m bales during the new season.

Official spot rates were, therefore, firmly held at the overnight levels in the absence of an adequate feedback from the ready market.

On the New York Cotton Exchange, the matured July settlement was rung off the board at 50.90 cents per lb, while the newcomer December contract came on the board at 55.50 and ended at 55.47 cents per lb. The ruling October settlement was marked down by 0.35 cents per lb at 53.80 cents per lb.

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