KARACHI, April 13: After several lean sessions, the trading on cotton market on Friday picked up momentum as spinners covered their forward positions at the lower rates. However, most of the big deals were confined to leading exporters who sold their surplus stocks to spinners at the higher rates, dealers said.

“Owing to an erratic world market in sympathy with the New York cotton futures, exporters chose to sell their stocks to spinners and mills as the local rates claimed to be higher than the ruling international prices,” they said.

The deals, which were finalised on Karachi delivery basis comprised 3,300 bales including a big deal of 3,000 bales at Rs2,650 to Rs2,750 depending on the quality of lint.

Market sources said if the exporters continued to sell their stocks on the open market, ginners may have to lower their asking prices from the current Rs2,800 per maund.

“The next couple of sessions, notably after the release of final crop figure could be crucial for the future market trend and the price outlook,” cotton analysts said.

But ginners are not worried over the developing situation and are optimistic to get a fair price for their unsold stock, they added.

There was, however, no change in the official spot rates, which remained pegged at the last level of Rs2,725 per maund.

New York cotton futures on the other hand fell by 0.70 and 0.79 cents at 51.12 and 52.81 cents per lb for both the ruling May and the distant July settlements respectively.

The following are some of the deals, which gone through in the ready section on Friday evening: 1,400 bales, upper Sindh at Rs2,750 to Rs2,800, 200 bales, each Sarhari and Hyderabad at Rs2,800, 400 bales, Mehrabpur at Rs2,775, 2,000 bales, Khanpur at Rs2,800, 400 bales, Ahmedpur East and 200 bales, Kaccha Khou at Rs2,750.