KARACHI, Dec 23: Trading on the cotton market on Monday resumed on a subdued note as prices of inferior lots were further marked down as ginners indulged in hasty selling.

Fine lots, notably from the Punjab cotton belt were, however, traded at the average weekend rate of Rs2,125 per maund, while inferior ones were sold around Rs1,900.

“Spinners now have become a bit choosy”, says a leading broker “most of them are willing to pay a bit more for fine lots and that too in big-lots to spin higher counts of cotton yarn”.

According to textile sources bulk of the physical shipments of both cloth and yarn for the quarter ending Dec 31, 2002, with some exceptions, are complete and buying operations to cover forward positions against the next quarter are yet to begin.

“Most of the firm orders for the next quarter ending March 31, 2003 are for higher counts of cotton yarn for which medium staple length lint from the upper Sindh and the southern Punjab is needed”, spinners say adding “spinners willingness to pay more for the quality lots is keeping their prices on the higher side”.

The ginners of upper Sindh and southern Punjab, including the model ginning factories in these areas, have taken extra measures to produce contamination-free lint during the current season.

“Mostly it is the contamination-free lint, which being sold around Rs2,125 per maund as spinners are virtually out to grab the floating stock at the current levels”, one broker said.

But ginners appear to be in no haste and are keeping a balance between the inferior and the superior lots before signing the sale deals apparently in a bid to sell them well in time fearing further decline in their prices after the stocks of fine lots are exhausted, he adds.

Meanwhile, reports coming from the upper Sindh and the southern Punjab cotton belts indicate the arrivals of phutti into the ginneries have considerably slowed down during the last couple of days after a modest fall in phutti prices.

But in most of the areas second picking has been completed and the third one is claimed to be half way and leading growers are holding on to their stocks to push prices higher, ginners aid.

Official spot rates were further lowered by Rs15 to Rs2,060 per maund, although fine lots were sold much higher as compared to this rate.

Ready business was active as till late in the evening about 20,000 bales changed hands as under:

SINDH VARIETY:/ 1,000 bales, Nawabshah at Rs2,050.

PUNJAB TYPE:/ 4,000 bales, each, Sadiqabad, Rahimyar Khan, 1,000 bales each Mehmoodabad, Chingoth, Khanpur at Rs2,125, 2,000 bales each Bahawalpur and Ahmedpur East at Rs2,100, 1,000 bales, Chichawatni at Rs1,900, 400 bales, Mian Channu at Rs1,950, 400 bales, Sahiwal at Rs1,925, 1,000 bales, Kabirwala at Rs2,125, 1,000 bales, Rajanpur at Rs2,100 and 1,000 bales, D.G.Khan at Rs2,075.