KARACHI, Aug 23: Physical trading on the cotton market on Monday resumed on a steady note as spinners and mills were not inclined to miss the bandwagon. The opening was on the higher side but prices showed slight softening toward the close of the session owing to larger selling by some of the leading ginners who were not inclined to hold long positions in a volatile market.

"Unlike the previous season, both the ginner and the spinner are not inclined to hold onto their positions at least until the crop ideas are not cleared," one broker said.

The pace at which ready business is being transacted daily reflects that the prevailing rates are in line with the parity levels of both the spinners and the ginners. Growers also are selling their phutti on spot day-to-day basis and ginners claim not a single bale of phutti is lying in the ginneries on an unfixed basis.

Ready off-take was, therefore, remained on the higher side as spinners lifted all the lots both big and small between Rs2,325 to Rs2,350 for the Sindh type and Rs2,275 to Rs2,375 depending on the quality of lint for the central Punjab variety.

The notable feature was that some of the leading spinners also opted for contamination-free lint still lying unsold with the ginners of southern Punjab and lifted about 10,000 bales at Rs2,375 to Rs2,400 per maund, without a premium of Rs200, says a leading cotton broker.

According to him about 0.150m bales of the previous crop were still lying unsold with the ginners of Ferozabad, Liaquatpur and Sadiqabad and ginners hoped "a good beginning has been made to clear the backlog".

Official spot rates were upped by another Rs50 to Rs2,300, although most of the deals were done above them. Ready off take was active as till late in the evening about 6,000 bales of the new crop changed hands as under:

SINDH VARIETY: 200 bales, Mirpurkhas at Rs2,325, 500 bales, Khipro at Rs2,325 to Rs2,350, 800 bales, each Tando Adam and Shahdadpur at Rs2,325, 1,000 bales, Sanghar at Rs2,325 and 200 bales, Sultanabad at Rs2,325.