KARACHI, Dec 18: Trading on the cotton market on Monday resumed on a firm note as official spot rates were held unchanged at the weekend levels amid an actively traded session.

Reports originating from the official sources suggested that the crop figure may exceed the target of 12.5m bales but it did not slow mill buying as leading spinner groups were operating on their own crop surveys, floor brokers said.

However, heavy mill buying reflected a major change on the export front as leading among them were said to have clinched forward deals for the quarter ending March 2007, they said.

Although there are delivery problems as cargo haulers have raised freight rates in line with those at which they are transporting sacrificial animals, spinners are not inclined to take even a technical breather, market sources said.

“The new year textile trading could show significant improvement in the backdrop of rising New York cotton futures as the local producers have an edge over their foreign competitors who add value to cotton after purchasing it from abroad,” says a leading spinners.

But ginner perceptions about the crop size are at variance with the official one based on the arrival of phutti into their ginneries, market sources said, adding “the prevailing panic among the spinners to grab the floating stocks shows they too are unsure about the future supplies”.

The arrival figures of phutti for the fortnight ended Dec 15, will give a fair idea of the crop size and the future price outlook, they added.

Official spot rates were again held unchanged at Rs2,550 but in the ready section fine lots were trading Rs50 higher as compared to them.

Ready off-take was on the higher side totalling 20,000 bales, the following being notable deals among them.

SINDH TYPE: 1,000 bales, Tando Adam at Rs2,400-2,475, 3,000 bales, Shahdadpur at Rs2,500-2,550, 1,000 bales, Sanghar at Rs2,400-2,500 and 3,000 bales, upper Sindh at Rs2,625.