KARACHI, Dec 22: Physical trading on the cotton market on Wednesday remained fairly brisk as spinners and mills continue to make covering purchases against their forward sales of cotton yarn.

Fine lots were traded between Rs1,900-1,925 per maund but inferior ones were sold in line with their micronaire, the lowest rate being Rs1,575. Some of the leading spinners also indulged in big lot business as they tried to grab the floating stock against their forward sales of higher counts of cotton yarn, dealers said.

For the second session in a row 4,000 bales from Bahawalpur ginneries were sold at Rs1,900-1,925 per maund, reflecting the spinner concerns about the shortage of quality lint, they said.

Bulk of the buying was confined to fine lots both from the upper Sindh and southern Punjab ginneries as spinners fear that it may be in short supply during the next couple of weeks in the presence of the TCP.

According to official figures released by the TCP, it has up to December 21, signed contracts for 2.117m bales, 1.511m bales from the Punjab ginneries, mainly from D.G.Khan and Multan centres and 0.591m bales from Sindh ginners.

"The TCP is still an active buyer and could take a breather after having purchased 2.3m bales under its current official fund allocations", market sources said "but indications are that more funds could be allocated to it in view of a bumper crop and fears of fall in prices".

Market sources said some of the private sector exporters are also buying inferior lots both from the Sindh and Punjab ginneries against their forward sales but their offer prices fluctuated between Rs1,600 to Rs1,700 per maund.

There was, therefore, no change in the official spot rates, which were firmly held at the last levels amid active trading. New York cotton futures on the other hand showed fresh fractional decline of 0.37 and 0.10 cents for both the ruling March and the forward May contracts at 43.62 and 43.76 cents per lb. Ready off-take was active as about 20,000 bales changed hands as under.

SINDH VARIETY: 2,000 bales, each Mododero and upper Sindh at Rs1,925 to Rs1,940, 1,000 bales, Khipro at Rs1,800, 1,000 bales, Khairpur at Rs1,800 to Rs1,825, and 400 bales Mirpurkhas at Rs1,600.