KARACHI, Nov 26: Cotton market on Friday passed through another lean session as ginners continued to be active sellers at the falling prices despite the presence of the spinners and the TCP.

Prices of Punjab lint further eased from the overnight level as some of the deals were done as low as Rs1,750, while fine lots were sold around Rs1,950. Upper Sindh K-68 Sawgin variety was, however, an exception, which was keenly sought after owing to its fine quality and higher micronaire, but central Sindh type was traded around Rs1,750.

Floor brokers said the prevailing panic among the ginners on predictions of a higher crop seems to be the chief destabilising factor behind the market's easy stance and until they decide to hold on to their unsold positions for a couple of weeks, prices could fall further.

The interesting feature was that TCP's contracts for 1.2m bales from all over the cotton belt failed to generate a sense of confidence in the ginners who continue to liquidate long positions followed by predictions of further decline in prices, they said.

While most of the growers barring some big ones, are now out of the market after having sold phutti at much lower rates, progressive among them are in a fix how to react to the changing market scenario.

Although TCP and private sector exporters are very much in the market and playing their due role, but the market appears to be in the tight grip of spinners and mills that have set trend for them.

According to a leading cotton analyst, daily intake of mills and spinners has touched the high mark of 0.1m bales and it may rise further if prices fall from the current levels.

According to purchase figures released by the TCP up to Nov 25, its total purchases rose to 1.193m bales, including 0.8m bales from the Punjab and 0.386m bales from the Sindh ginners. Nawabshah and DG Khan topped the list with offtake of 0.181 and 0.199m bales respectively.

With New York cotton futures remaining close on account of Thanksgiving holiday, local official spot rates did not show any change and were firmly held at the last levels. The following some of the deals finalized late on Thursday evening:

SINDH TYPE: 400 bales, Mirpurkhas at Rs1,800, 400 bales each Sanghar and Tando Adam at 1,825, purchased by an exporter.

PUNJAB VARIETY: 2,000 bales, Rahimyar Khan at Rs1,950 to Rs1,970, 2,000 bales, Hasilpur at Rs1,950 to Rs1,960, 2,000 bales, Sadiqabad at Rs1,950 to 1,955, 2,000 bales, Bahawalpur at Rs1,960 to 1,965, 2,000 bales, Haroonahad at 1,950 to 1,960.00,1,000 bales, Rajanpur also at this rates, 1,000 bales, DG Khan at 1,925 to 1,950.00 and 1,000 bales, Vehari at Rs1,900 to 1,935.