KARACHI, April 22: A forward deal of 200 bales in Sindh new crop was reported at a record high price of Rs3,700 per maund, indicating that lint may not be cheaper during the next cropping season also.

The rate appears to be speculative and an inspired one, which will benefit ginners and growers at the cost of textile industry, spinners said, adding, “world cotton prices are falling after the New York cotton futures fell below the 70 cent per lb barrier.”

A leading cotton analyst, Naseem Usman, says the forward rate appears to be highest-ever so far and cautions spinners and mills about the developing situation on the cotton front and adjust their supply line accordingly.

“It is very rare in Pakistan’s history. The opening rate of the new crop is well above international, although the crop is yet to be sown in the major cotton belts of Sindh and Pakistan,” he said.

Ideal sowing season has been fixed by the cotton specialists between May 15 and June 15, as crop sown between this period is said to be in line with prevailing weather conditions, which add significantly to the seed germination, some other analysts said.However, they said, the selling rates of the new crop would be settled by the size of the new crop and in case of a good crop, they will fall sharply lower from the current level.

“The market has witnessed many incidents in the past when either of the parties involved in forward deals back out of their commitment after the arrival of the new crop and selling prices are high or low at the stipulated delivery time,” they added.New York cotton futures on Tuesday fell below the barrier of 70-cents per lb at 69.43 for the ruling May contract, off 1.45 cents, while forward July delivery was marked lower by 1.25 cents at 73.35.

There was no change in the official spot rates, which were again held unchanged at the last level of Rs3,300 per maund.

The following are some of the deals in the current crop:

CURRENT CROP: 3,000 bales, upper Sindh at Rs3,435 to Rs3,465; 748 bales, Shahdadpur at Rs3,500 and 500 bales, at Rs3,510.

NEW CROP: 200 bales, Shahdadpur at Rs3,700 for delivery on Aug 1, 2008.