KARACHI, July 23: Trading on the cotton market on Monday resumed on a steady note as pent demand both from the spinners and mills figured prominently. Most of the deals were finalised in line with the previous week’s rates. Both the Sindh and the Punjab types were sold at almost same rates between Rs3,050 to Rs3,150 per maund.

Floor brokers said the current rates at which bulk of the business was being transacted appeared to be in line with parity levels of both the ginner and the spinner and that was perhaps why the sailing on the ready front was smooth.

But some spinners claimed the current rates for the new crop were a bit higher as compared to their export parity levels but as “we have to keep the wheels moving there is no other option”.

However, some others hoped an easing in local prices as New York cotton futures were steadily declining over the last couple of sessions and indications were that they may stabilise below the 60 cent-mark in coming sessions.

Currently there is a relative quiet on the import front as no fresh deals are being signed by the spinners as world rates are still higher than their parity levels. But import consignments under the previously signed deals are steadily arriving in.

Meanwhile, reports reaching here from the lower Sindh and central Punjab indicate that more ginneries have resumed operations as phutti arrivals have shown a considerable improvement.

“Both ginners and growers are trying to sell as much as phutti and lint at the current higher rates which in turn has forestalled further speculative rise in prices,” market sources said.

Official spot rates were firmly held at the weekend level of Rs2,900 per maund for an average quality lint.

Ready offtake was light totalling about 2,000 bales as under.

SINDH TYPE: 600, 200 and 400 bales from Sultanabad, Sanghar and Tando Adam at Rs3,050.