KARACHI, April 18: Trading on the cotton market on Monday resumed on an easy note as some of the ginners were indulged in hasty-selling to clear the backlog of odd lots.
Most of the deals were quality based and from the southern Punjab cotton belt and finalised as higher as Rs12,000 per maund while the odd lots were done at Rs10,700 to 11,800.
They said the ginners, who are holding bulk of the unsold stock of about 180,000 bales mainly in the southern Punjab, seemed to have now decided to sell the inferior lots at prevailing prices and held onto quality lots for another couple of weeks to get higher prices.
“The weakness of the New York futures for the last couple of weeks has apparently weakened their holding power and they could not precisely decide how to react,” they added.
The perception that the New York cotton futures could hold on their best level beyond 200-cent per lb seems to have no relevance to the ground situation after the fall in foreign demand, they added.
They said the new crop from the lower Sindh and the central Punjab was expected to arrive in the market possibly middle of the June or early July as forward deals already signed by some of the spinner also checked speculative rise in the ruling prices.
Official spot rates were, therefore, held unchanged at the weekend level of Rs12,000 per maund but in the ready section prices were quality-based.
The following are some of the deals reported by the Karachi Brokers Forum on Monday evening: 1,400 bales, Rahimyar Khan at Rs12,000, 200 bales at Rs11,800, 200 Khanewal at Rs12,000, 400 bales, Shahdadpur at Rs10,700 and 800 bales, Haroonabad at Rs10,500 to Rs10,700.
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