KARACHI, May 30: Cotton prices resisted fresh decline for the third session in a row as spinners and exporters remained active buyers in a bid to build up workable positions owing to looming danger of an Indian attack.

For the first time during the last couple of sessions buyers’ strategy has undergone a major change as most of them are not in a mood to take even a technical breather and have decided to go all out for all the lots offered for sale by the ginners, dealers said.

As a result, odd lot business was recorded as some of the ginners who have exhausted their unsold stocks and were holding on to stray lots to sell them at higher rates, cleared their positions at competitive prices.

An odd lot from Khanpur, for instance, fetched the day’s highest price of Rs.1,700 per maund, indicating that spinners still short of fine lots, which they need to spin higher counts of cotton yarn, brokers said.

“The dominating fear was pressure on ready supplies and the consequent increase in prices if war starts between the two neighbours on the issue of cross-border infiltration of the terrorist,” they added.

Supply gaps here and there are quickly being filled in by both the spinners and exporters after the fears of war gripped them followed by reports of a plan for the massive evacuation of the US citizens from here, which spinners think could be the prelude to an imminent Indian attack.

However, for the time being the market behaviour remained orderly as there was no reports of panic buying or selling but the general thinking is that the current pattern of trading may change in due course.

“Both the spinners and the exporters are awaiting the release of final arrival figures of phutti before opting for the new buying strategy,” brokers said adding “heating up of the market is not ruled out.”

Owing to prevailing tension and massive troop movements, world cotton prices are already at the rise amid fears of disruption of supplies from Pakistan if war between Pakistan and India breaks out, they added.

Meanhile, reports coming from the central Punjab cotton belt indicate that the newly sown cotton crop may be affected by the Tuesday’s heavy rain and dust storm. In some of the areas, resowing may also be done.

Official spot rates were again held unchanged, but New York cotton futures showed fractional fall after having risen for the last couple of sessions. While the ruling July contract fell by 0.10 cents per lb at 38.15, the distant October ended lower by 0.2 cents per lb at 40.43 cents per lb.

Ready offtake was light at 3,000 bales as under: 400 bales, each K-68, Mirpur Mathelo, Rohri at Rs.1,650 and 100 bales, Nawabshah at 1,475 and 791 bales, Leiha at 1,270 and 864 bales, Khanpur at 1,700.