KARACHI, Oct 31: The cotton market on Monday showed a firm trend as ginners raised their asking prices followed by reports of a considerable decline in arrivals of phutti from growers.

Over the last week, prices have declined by Rs75 followed by a sharp decline in New York cotton futures and reports of steady arrivals of phutti into ginneries.

But a sudden pause in arrivals of phutti from the fields was taken by the ginners as a bullish signal and raised their asking prices by Rs25 per maund. But in physical trading stray deals were reported below Rs2,400 per maund.

“Both the spinners and ginners will await the arrival figures for the fortnight ending Oct 31, before deciding on their future line of action,” brokers said. “But indications are that the market is expected to heat up during the post-Eid trading as by that time a preliminary size of the crop will be available.”

Owing to the proximity of Eid holidays, cotton pickers have suspended their operations, which in turn have a negative fallout on the arrivals of phutti into ginneries and the consequent increase in prices, dealers said.

“Prices should have declined further as leading spinners and mills have curtailed their daily operations owing to Eid holidays and some trucking problems but the ginners seem to be in a commanding position,” they said.

Moreover, bearish signals about the arrivals of phutti into the ginneries for the fortnight ending Oct 31 also proved to be an aiding bullish factor for the snap price flare-up.

Floor brokers said physical activity during the pre-Eid holidays would remain a bit insipid as the spinners would not make larger commitments owing partly to transport problems and partly to predictions of a fall in prices.

Ready offtake was light totalling about 5,000 bales, the following being some of the notable deals:

SINDH TYPE: 600 bales, Shahdadpur at Rs2,275 to Rs2,300; and 600 bales, Tando Adam at Rs2,250 to Rs2,275.