KARACHI, Nov 17: Firm trend was witnessed on Friday as lint prices were quoted further higher by Rs15 per maund followed by reports of a considerable decline in arrivals of phutti during the last couple of sessions.

The perception of a short crop seems to have panicked spinners and mills who again indulged in hasty buying fearing further increase in prices in the coming sessions, floor brokers said.

But some others said holding back of freshly-picked phutti by some of the leading grower, causing jitters among the ginners and was fuelling price flare-up.

As a result, phutti prices were quoted further higher by Rs50 per maund around Rs1,100, while growers were eyeing the rate of Rs1,200 plus, ginners said.

“The snap change in value pattern on the cotton market worried spinners and mills who are still to go a long way to meet their annual consumption needs,” market source said, adding “indications are that imports may not check the feared price flare-up”.

Some of the fine types from the southern Punjab, known being contamination-free, were traded as higher as Rs2,475 per maund and spinners appear to be willing buyers as was reflected by some big deals of 3,000 and 5,000 bales.

The cotton trade seems to be dominated by some of the leading speculators that have no relevance to the supply and demand situation and there may be difficult days ahead for the spinner, ginners fear.

The official spot rates were again revised upward by Rs15 at Rs2,400 per maund but in the ready section most of the deals were done well above them.

New York cotton futures on the other hand fell by 0.81 and 0.71 cents at 47.88 and 51.40 cents per lb for both the ruling December and the forward March contracts respectively.

Ready off-take was on the higher side totalling about 25,000 bales as under:

SINDH VARIETY: 1,000 bales each Sanghar and Tando Adam at Rs2,325 to Rs2,350 and 400 bales, Tando Adam at Rs2,325.