KARACHI, Dec 28: Lower production estimates of official cotton assessment committee have sent shock waves in cotton market where ginners once again preferred to hold back their stocks in anticipation of getting higher prices in coming days.

As a result, the overall market behaviour remained steady amid slower business activity. The slower phutti arrival reports has further dampened sentiment and the stakeholders are looking forward to the PCGA’s fortnightly report expected by Jan 3, 2003.

Consequently, the ginners and millers have adopted a wait-and-see policy and are unlikely to take any big step unless phutti arrival report is released by the PCGA.

The US instruction asking Pakistan not to raise the issue of textile quota is also not too encouraging for the market, floor brokers said.

Similarly, the European Union’s latest move for imposing anti-dumping duty on Pakistani textile imports has also worked as a negative development.

The spot prices during the week also remained on higher side and closed with a net rise of Rs40 at Rs2090 per 40 kgs on Saturday. The ready board prices for Sindh and Punjab varieties also closed their rank and mostly were quoted at around Rs2150 per maund.

On ready counter over 11,000 bales reported to have changed hands as many needy mills moved into the ring to replenish their stocks to meet their immediate requirements.

According to details 500 bales from station Kandiro were done at Rs2080, 1000 bales from Kot D G were done at Rs2075, 1000 bales from Moro done at Rs2075, 500 bales from Suari done at Rs2985, 1000 bales from Bandi done at Rs2085, 200 bales from Sanghar done at Rs2110(seed), 3400 bales from Rahimyar Khan done at Rs2150, 1600 bales from Khairpur done at Rs2150, 500 bales from Jania done at Rs2100, 500 bales from Multan done at Rs 2125, 500 bales from D G Khan done at Rs2100, 500 bales from Rajanpur done at Rs2125 and 500 bales from Chistian done at Rs2100.