KARACHI, Aug 16: Trading on the cotton market on Thursday remained slow as price ideas of buyers and sellers were poles apart as import from India remained a dominating force behind the physical activity.

But floor brokers said there was no panic among the ginners or growers as witnessed a couple of days earlier as some rethinking on the price issue based on supply and demand factor finally came to their rescue.

The clear situation about the crop idea will be available after picking operations of phutti are resumed in the major areas of upper Sindh and southern Punjab cotton belts, they said, adding that which could work either-way of the market.

“Prices of both lint and phutti may fall further in the coming sessions but it is unlikely that they may crash from the current levels,” they said.

They said both the growers and the ginners held on to their unsold stocks which in turn had a negative impact on the supplies and consequent increase in the selling prices of some fine varieties.

“Imports of lint from India may take quite sometime even through Wagah and in the meanwhile ginners could demand their own prices,” market sources said.

But one thing is clear that ginners have absorbed the initial shock of import phobia and now are playing according to ground realities based on crop projections, they added.

Official spot rates were firmly held around the higher side but in the ready section some of the deals were done well above them.

Mill ready offtake was on the lower side as both ginners and spinners remained locked in a price war to tilt the balance in their respective favour.

The following are Thursday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/32” micronair value between 3.8 to 4.9 NCL.

Rate for Ex-Gin Price Up-country Spot rate

Expenses Ex-Karachi

37.324 kgs 3,100 50 3,150.00

Equivalent

40 kgs 3,326 50 3,376.00