KARACHI, Aug 17: Trading on the cotton market on Thursday remained slow as spinners adhered to their go-slow policy in an apparent effort to keep new crop prices within the current range.But analysts said the current spell of monsoon rain, notably in the Sindh cotton belt had created more than one problems both for the growers and the ginners as picking operations of phutti are far below normal and so are arrival into the ginneries.

“Reports of damage to standing crop in some of the areas of the Sindh cotton belt where rain water is standing in the fields could cause many problems both in terms of quality and yield per acre for the growers,” they said, adding “the possibility of price flare-up could not be ruled after the assessment of the damage”.

Stray lots did change hands slightly above the official spot rates but on the other hand lint from the central Punjab cotton belt was sold at the lower levels as compared to previous ones.

Floor brokers said Punjab ginners appear to be in no mood to hold long positions and trying to sell on daily basis fearing damage to unsold stocks in rain.

That is perhaps why some of the deals were finalised Rs100 per maund lower around Rs2,550 as compared to Rs2,650 a couple of sessions earlier, they added.

As a result, official spot rates were held unchanged at the previous level of Rs2,450 per maund but some deals in the ready section for ready delivery were finalised at higher levels.

New York cotton futures on the other hand came in for fresh speculative selling and ended lower by 0.15 and 0.09 cents per lb at 53.20 and 55.28 cents for both the ruling October and the forward December contracts respectively.

Ready off-take was light totalling about 1,000 bales, the following being notable among them: 200 bales, Khipro at Rs2,460 and 200 bales, Sahiwal at Rs2,550.