KARACHI, Sept 12: Brisk trading was witnessed on the cotton market on Friday as spinners and mills continued to build-up long positions at the falling prices amid fresh active selling by the ginners.

Bulk of the business was done around Rs4,000 per maund for an average quality of lint, while some fine lots both from the Sindh and the Punjab cotton belts were traded Rs25 to Rs50 higher.

Floor brokers said the market trend in last couple of sessions showed that ginners could not precisely decide how to react to flooding of their ginneries with the newly-picked phutti.

“After having cleared the payments of the growers on spot rates ranging between Rs1,800 to Rs1,850 per 40 kg, ginners tried to sell lint on forward basis to the spinners and mills leading to fresh fall in prices,” they said.

Market sources said the crop situation is not clear as yet despite reports of 10 to 15 per cent expected fall owing to floods and late rain in D.G. Khan and some other areas, but the sudden pick up in arrivals of phutti has altogether changed the price situation.

The current market outlook appears to be in favour of the textile industry which is well reflected in their daily intake of about 40,000 bales both from the Sindh and the Punjab cotton belts, they added.

Meanwhile, reports reaching here indicate that picking operations of phutti have been resumed in some of the areas of the southern Punjab cotton belt where negative impact of the pest attack has been minimised, they added.

Official spot rates were held unchanged at the last level of Rs4,025 per maund but some of the deals were done well below them in the ready section.

New York cotton futures resisted larger fall and were quoted lower by 0.14 and 0.18 cents per lb at 61.64 and 63.36 cents for both the ruling October and the distant December contracts respectively.

Mill ready off-take was on the higher side, amounting to 40,000 bales, the following being some of the notable deals.

SINDH TYPE: 4,200 bales, Shahdadpur at Rs4,025 to Rs4,050, 4,000 bales, 2,600 bales, Tando Adam and Sanghar at Rs4,000 to Rs4,050, 2,400 bales, Mirpurkhas and Sultanabad at Rs3,975 to Rs4,025, 1,000 bales, Shahpur Chakkar, at Rs4,000 to Rs4,025, 1,200 bales, Hala at Rs4,025 to Rs4,050, 1,200 bales, Khipro at Rs4,000 to Rs4,025, 200 bales, each, Oderolal and Punjmoro at Rs4,050.

PUNJAB VARIETY: 1,600 bales, Burewala at Rs4,000 to Rs4,050, 1,000 bales, Chichawatni and 600 bales, Mian Channu and Garma Raja at Rs4,025 to Rs4,050, 800 bales, Khanewal at Rs4,040, 200 bales, Arifwala at Rs4,040, 200 bales each, Hasilpur, Pak Pattan and Fort Abbas at Rs4,025 and 400 bales, Gojra at Rs4,000.