KARACHI, Nov 22: The cotton market on Tuesday consolidated the previous gains amid an actively traded session after spinners resumed their covering operations in a big way.

The crop shortfall is there as arrival figures since the start of the season showed, but it is too early to say something about the total fall, analysts said.

The arrival figures for the current fortnight has cut the crop loss to 1.8m bales from the previous over 2m shortfall and if the perception of late picking in the Punjab cotton belt is true, there could be many surprises after the final figure is released by the Pakistan Cotton Ginner Association (PCGA), they said.

The crop is short but not that large as being speculated by certain quarters beyond 2m bales. It will be enough to meet the domestic demand and there may no need of imports despite higher textile exports, they added.

Ginners, who held on to their unsold stocks entertaining further higher levels in the backdrop of fall in phutti arrivals from the growers, resumed their selling operations at bid prices, dealers said.

Leading growers on the other hand were not in a hurry to send their phutti stocks to ginneries and tried to get a fair price at around Rs1,100 per 40 kg, they said and added that the ginners, who had purchased phutti at around Rs1,000 per 40 kg, were, however, not inclined to hold on to their unsold positions and obliged the spinners at slightly better prices.

About 15,000 bales changed hands mostly in the Punjab lint between Rs2,400 and Rs2,450 per maund, Rs25 higher than the previous selling rates.

It was in this background that official spot rates were held unchanged at Rs2,375 per maund but on average most of the deals in the ready section were done Rs50 higher depending on quality.

The following are some of the notable deals, which gone through:

SINDH TYPE: 1,000 bales, Sanghar at Rs2,275 to Rs2,300; and 400 bales, Shahdadpur at Rs2,300 to Rs2,325.