KARACHI, Nov 19: Cotton market on Friday lacked normal trading interest as buyers and sellers kept to the sidelines apparently analysing the likely impact of a record arrivals of phutti into the ginneries for the fourth successive week.

According to latest fortnightly figures released by the Pakistan Cotton Ginners Association (PCGA) total arrivals for the fortnight ended Nov 15 swelled to 8.151m bales, showing an increase of about 2m bales for the fourth consecutive week, brokers said.

"It is a record for any single-cropping season in Pakistan, that the arrival figures maintained a steady rise of 2m bales", they said "but whether or not the total could touch the high mark of 12m bales still appears to be an elusive goal".

Spinners were happy over the latest arrival figures and optimism of further decline in prices followed by an expected nervous selling by some of the weaker ginners, they said.

But ginners ruled out the possibility of any major change in the prevailing price outlook irrespective of higher arrivals apparently relying on their holding capacity, market sources said.

"No one could precisely predict that the current arrival trend could be maintained during the next fortnight, they said adding "there could be a decline as small growers have already exhausted their stocks and are preparing their fields for wheat sowing".

Although spinners and ginners held on to their stated positions, prices are expected to be maintained at the current levels owing to the strong presence of the TCP. The TCP has enough liquid funds at its disposal and stands to ensure a fair price for all those who are associated with the cotton trade including spinners and ginners.

But unlike the previous seasons, growers remained at the receiving end as panic created among them amid talk of a record crop, phutti prices fluctuated between Rs750 on the lower side and Rs1,050 on the higher side, although small growers failed to get a fair price.

There was, therefore, relative quiet on the ready section as ginners and spinners were not inclined to make fresh commitments in the backdrop of higher than market estimate arrivals.

As a result, a couple of bales from the Punjab ginneries changed hands around Rs1,950-2,000 per maund depending on the quality of lint. Official spot rates were, however, upped by Rs25 in line with the ready business at which physical trading was done.