KARACHI, June 15: Active trading was again witnessed on the cotton market on Wednesday as ginners continued to unload current crop’s unsold stocks well ahead of close of the financial year ending June 30.

The other factor, which forced some of the ginners, who are still holding bulk of the unsold stock of lint, the arrivals of the new crop though on a modest scale by early next month, floor brokers said.

But most of the deals were quality based as the lowest and the highest rates recorded on Wednesday were Rs7,700 and Rs9,000 per maund and average being Rs8,500, they said.

They said local prices could rise further higher in due course after the heating up of New York cotton futures market on revival of global demand.

The ruling July contract, which has been virtually inactive for the last couple of sessions, burst into activity and was quoted sharply higher amid strong speculative activity aided by fresh overseas import orders, they added.

It was marked up by 4.59 cents per lb at 155.54 cents but forward October suffered a modest fall of 1.04 cents at 138.54 cents amid active trading.

But on the other hand local official spot rates were again firmly held at the overnight level of Rs8,500 per maund for an average quality of lint.

The following are some of the deals reported by the Karachi Brokers’ Forum in the ready section late on Wednesday evening:

100 bales, Burewala at Rs9,000, 1,800 bales, Rahimyar Khan, 600 bales, Mubarakpur at Rs8,800, 600 bales, Kabirwala and 1,600 bales, Alipur at Rs8,850, 316 bales, Haroonabad at Rs8,650, 150 bales, Ahmedpur East at Rs8,550, 200 bales, Haroonabad at Rs8,500 and 500 bales, Sinjoro at Rs7,700.