KARACHI: The recent creeping decline continued on the cotton market on Wednesday as ginners were again active sellers at the ruling prices amid an actively traded session.
But on the other hand, New York cotton futures turned mixed while the forward March managed to end with a modest recovery of 0.71 cents at 91.12.
The ruling December remained under pressure and shed another 0.86 cents at 89.95.
On the local market, however, panic among ginners and growers continued; haunted by a bumper crop and steady arrival of phutti into ginneries.
Analysts said the technical breather taken by the global speculators indicated that a further price decline has been averted and in the coming sessions both the contracts are expected to stay firm above the 90-cent per lb mark.
They were, however, unsure about the reaction of the local market to positive global developments but ruled out any massive upward revision in the prevailing prices above the 60 cents per lb mark as the talk of a higher crop ideas continue to have
negative bearing on growers holding capacity.
Floor brokers said the disturbing factor was that some of the fine lots from the upper Sindh areas were traded below Rs5,000 per maund, while central Sindh type was sold between Rs3,500 and 4,500 per maund on the lower side.
Punjab variety was mostly traded well above Rs5,000 per maund and some of the fine lots around Rs5,625 but average rate remained confined to Rs5,400 per maund, they said.
Official spot rates were lowered by another Rs100 per maund at Rs5,500, while bulk of the business in the ready section was based on quality.
The following are some of the notable deals reported by the Karachi Brokers Forum on Wednesday:
SINDH TYPE: 1,000 bales, Mirpurkhas at Rs3,500 to 4,000, 400 bales, Tando Adam at Rs4,300, 400 bales, Sakrand at Rs4,500, 2,000 bales, Khairpur at 4,900 to 5,000 and 2,000 bales, upper Sindh at Rs5,300.
PUNJAB VARIETY: 600 bales, Bahwalnagar at Rs5,150 to 5,300, 400 bales, Chistian at 5,150, 400 bales, Hasilpur at 5,200, 1,000 bales, each Ahmedpur East and Bahawalpur at Rs5,300, 1,000 bales, Rahimyar Khan at Rs5,400 to 5,600, 1,200 bales, Khanewal at Rs5,375 to 5,500, 1,000 bales, Kabirwala at Rs5,400 to 5,500, 600, 400 and 200 bales, each Bakhar, Ghazi Ghat, Sadiqabad, Qabola, Gaggon, DG Khan, Multan and Layyah at Rs5,500, 1,200 and 400 each Fazilpur, Mianwali and Rajanpur at Rs5,600 to 5,625.