KARACHI, Feb 6: Trading activity on the cotton market on Tuesday was relatively slow as spinners kept to the sidelines apparently anticipating fall in selling prices in the backdrop of higher arrivals of phutti.

Floor brokers said the latest arrival figure of 11.929m bales indicates that the revised production target of 12.5m bales is within the reach that caused a slow down in mill buying.

The spinner perception about the future supplies for the near-term seems to have caused a brief interruption in the ready business as leading among them entertain fresh selling by some of the ginners at the lower rates, they added.

Barring some fine contamination-free lots, which are being sold around Rs2,600 per maund, other stuff is available below Rs2,550 per maund.

However, the current pause in mill ready off-take indicates that both leading spinners and mills are not in a hurry to buy at the higher prices as there may not be pressure on ready supplies for the next couple of weeks, some others said.

According to official arrival figures released by the Pakistan Cotton Ginners Association (PCGA) for the fortnight ended Feb 1, the total was close to

12m bales, out of which mills had purchased 10.105m bales and private sector exporters 83,931 bales, leaving an unsold stock of 1.740m bales, with the ginners.

Market sources said although ginners unsold stocks was on the higher side as about Rs20 billion are tied to them, but they are in no hurry to lower their asking prices for the near-term.

Official spot rates were, therefore, quoted at the previous level as some of the deals were done in line with them in the ready section.

Mills’ ready off-take was light totaling 5,000 bales all in Sindh varieties, the following being some of the notable deals: 1,000 bales, Shahdadpur at Rs2,500, and 500 bales,(B.T.) at Rs2,550, 500 bales, Sanghar at Rs2,485 and 400 bales, Nayabad at Rs2,500.