KARACHI, Feb 16: Cotton market on Thursday stayed dull as both sellers and buyers kept to the sidelines fearing law and order situation in the back drop of protest rallies against the blasphemous cartoons.
As a result, some other major markets remained closed having a sympathetic negative impact on the daily trading and the absence of willing buyers including some leading local spinners, dealers said.
Reports reaching here from the southern Punjab ginneries show stray business after the last couple of day’s turmoil followed by reports of incidents of violence in Lahore and Peshawar but details of the business were not immediately available, they added.
Ginners said some of the spinners needed immediate supplies were worried as in their opinion delivery problems would be a bit risky in the wake of recent incidents of burning of vehicles.
The market is expected to resume normal trading session by the next week after the current wave of protests is over and buyers and sellers re-enter the market, they said.
However, the general perception is that prices may remain on the higher side and latest fortnightly arrivals of phutti for Feb 15, may not prove major market factor irrespective of their size, brokers said.
Meanwhile, according to official figures the private sector exporters had registered contracts for 0.205m bales up to Feb 7, 2006 against which 0.196m bales had physically been shipped.
New Cotton futures suffered mild reaction on profit-selling at the higher levels and fell by 0.12 and 0.70 cents at 56.92 and 57.05 cents per lb for the maturing March and the distant May settlements respectively.
Local official spot rates on the other hand were revised up by Rs10 per maund at Rs2,535 in line with Wednesday’s rate.
