KARACHI, Jan 20: Active trading was witnessed on the cotton market on Tuesday as spinners tried to grab the entire floating stock of lint, irrespective of price tag after the size of the crop was partly known, floor brokers.

About 20,000 bales changed hands but most of the deals were quality-based as highest and the lowest selling rates were recorded at Rs3,400 and Rs3,150 per maund respectively.

A big deal of 7,000 bales (Ahmedpur East) at a southern Punjab ginnery was reported at Rs3,270 to Rs3,400 and some others at Rs3,400.

Although the arrival figure of phutti has crossed the 10m bales mark for the fortnight ended Jan 15, they said the total may not hit the figure of 11m bales and may fell below the revised target of 10.5m bales.

They said spinners are worried over the future supplies amid fears that prices may rise further after they resume forward buying to cover their foreign sales during the next couple of weeks.

They fear lint may be more expensive in the weeks to come as price war may be between spinners and mills and those who have enormous financial resources at their disposal may be the final winners.

“The arrival of phutti from leading growers, some of whom were still holding on their unsold stocks for better prices, have almost dried up and the phutti lying on the plinths of the ginneries may not significantly add to the total,” they said. The unsold stocks lying in the ginneries also declined sharply lower to 1.798m bales from the previous 1.960m bales, reflecting that mill buying showed a sharp increase, they added.

Official spot rates, however, remained pegged at the overnight level of Rs3,300 per maund.

The following were some of the notable deals on Tuesday evening:

SINDH TYPE: 1,000 bales, Dharki and 600 bales, Gothki at Rs3,400, 1,000 bales, Tando Adam at Rs3,150 to Rs3,250, 470 bales, Tharoshah at Rs3,190, 200 bales, Kandiaro at Rs3,095 and 200 bales, Shahdadpur at Rs3,175.

PUNJAB VARIETY: 1,500 bales, Bahawalpur, 2,000 bales, Kabirwala and 1,000 bales, Rajanpur at Rs3,400, 1,000 bales, Rahimyar Khan and 200 bales, Shujaabad at Rs3,300, 400 bales, Fakirwali at Rs3,225, 400 and 200 bales, Renala Khurd, Vehari and 600 bales, Haroonabad at Rs3,200.