KARACHI, Dec 19: Physical activity on the cotton market on Friday slowed down as spinners and mills had an overview of the future supply situation in the backdrop of latest phutti arrival figures.

However, there was no immediate negative impact of about nine per cent increase in phutti arrivals on the ruling prices, which remained stable around the previous levels.

According to latest figures released by the Pakistan Cotton Ginners Association (PCGA) for the fortnight ended Dec 15, the arrivals touched the high mark of about 10m bales, showing an increase of over 0.7m bales against the corresponding figure of a year ago.

Out of the total, mills purchased 6.820m bales and the private sector exporters lifted 0.225m bales. The details of the TCP tally were not listed, but unconfirmed reports put the figure above 0.1m bales.

Floor brokers said ginners were a bit worried over the larger unsold stock of over 2m bales lying in their godowns involving about Rs25 billion.

Some of the leading ginners as well as the PCGA seeking official help, notably from the TCP to give the needed push to its procurement operations, to bail them out from the impasse of larger unsold stocks, they said.

New York cotton futures on the other hand ran into profit-selling and were quoted lower by 0.68 and 0.64 cents at 45.28 and 45.87 cents per lb for both the ruling March and the distant May contracts respectively.

But official spot rates on the other hand were firmly held at the last level of Rs2,850 per maund.

Mill ready off-take was relatively slow partly because of Friday, which is observed as weekly holiday in some of the areas of the Punjab cotton belt.

The following deals were reported on Friday:

PUNJAB VARIETY: 400 bales, each Rajanpur and Rahimyar Khan at Rs2,900, 600 bales, Hasilpur, 400 bales, Haroonabad and 500 bales, Fort Abbas at Rs2,800 and 600 bales, Layyah at Rs2,725.