KARACHI, May 29: A fresh forward deal in lower Sindh lint featured the trading on cotton market on Tuesday as some of the leading spinners fearing pressure on future supplies opted for new crop.

Floor brokers said the chief attraction behind the forward deals was ensured supplies irrespective of prevailing prices at the time of delivery, which they said amounts to a calculated risk.

A ginner from Sultanabad signed a forward deal with a local spinner for 400 bales to be delivered between Aug 15-20 at Rs2,525 as against the current crop rates of Rs2,640 per maund, they said.

Ginners said picking operations of phutti in the lower Sindh cotton belt were expected to be resumed by the middle of July and ginneries would start receiving phutti in modest quantities from the growers.

Ginners also hope that the new crop will be ready by late July and some of them had already made forward deals for modest lots to be delivered by that time.

However, it is too early to say something about the future price outlook as it will largely depend on the growth of cotton in the fields and the size of the crop.

Spinners and mills have imported 34,094 bales during the month of April from various destinations, the total since Aug 31 to April 30 being at 0.357m bales.

Details of import of lint from India through overland route are not available but some Punjab spinners claim modest quantities have already arrived in their godowns.

Official spot were again firmly held at the last level of Rs2,650 per maund but some of the deals in the ready section were done slightly below this level.

Apart from a new crop deals of 400 bales, from Sultanabad, 1,300 bales, of the current crop from Jalalpur was sold at Rs2,625 and 170 bales from Gothki at Rs2,640 per maund.