KARACHI, Aug 5: Trading resumed partially on the cotton market on Tuesday as ginners had decided to process the phutti stocks already in their factories but resolved not to indulge in fresh deals with the growers, market sources said.

Stray lots, therefore, changed hands at the higher rate of Rs4,250 to Rs4,300 per maund as spinners and mills fearing a major disruption in supplies if the ginners did not end their strike during the next couple of sessions, they said.

Floor brokers said already haunted by reports of pest attack and the talk of a short crop well below the target, the textile sector now is facing a supply threat.

“Owing to unsettled conditions on the local market and no official word about the extent of damage to the standing crop due to pest attack in the major growing areas, spinners fear they might not be able to meet their export orders in time,” they said.

Spinners are also worried whether or not their foreign buyers will accept increase in phutti and lint prices, which are heading for fresh highs, they added.

However, some leading spinners said the fall in the New York cotton futures well below the 70-cent had raised hopes for competitive imports in the coming weeks.

Leading among the mills and spinners are said to be already in the world markets and may have made forward deals at the prevailing rate of 67.04 cents per lb for October delivery is attractive enough for any importer, they added.

The New York cotton futures on Tuesday again fell by limit-loss of 2.27 and 2.76 cents per lb for both the ruling October and the forward December at 67.04 and 69.13 cents per lb, respectively.

Local official spot rates were revised upward by Rs50 at Rs4,200 per maund, slightly below those at which ready business was being transacted.

The following notable deals were finalised late in the evening: 200 bales each Pak Pattan and Khanewal at Rs4,300, 200 bales, Burewala, Sanghar and Hyderabad, at Rs4,250.