Active trading was again witnessed on the cotton market on Wednesday as spinners and mills were not inclined to take even a technical breather amid fears of another price flare-up.
About 30,000 bales, including some big deals changed hands around the previous level, at an average rate of Rs3,200 per maund or slightly above depending on the quality of lint, floor brokers said.
But prices of Sindh lint eased by Rs25 per maund, floor brokers said adding the fall was quality-based and was confined to inferior lots, while fine lots are being traded at the higher levels.
Most of the deals finalised were above 1,000 bales, which went to the credit of big spinners having enormous financial resources at their disposal and secured export outlets apparently driving out their weaker links from the arena, they said.
The interesting feature is that despite hective mills buying prices remained stable around Rs3,250 or below per maund as spinners were not inclined to bid above them and ginners have no option to oblige them, some others said.
However, it is not clear whether or not the current status quo on the price front will be maintained in future too as spinners are worried over the loud whispering about fresh increase in prices, they said.
the future price outlook will depend on the unity of the spinner cartel as price war among them to grab the floating stock could lead to sharp increase in the coming weeks,?they fear.
Meanwhile, New York cotton futures resisted fresh decline and were quoted fractionally higher by 0.02 and 0.23 cents per lb at 63.14 and 67.86 cents for both the ruling December and the distant March contracts, respectively.
But official spot rates were again firmly held at the overnight level of Rs3,175 per maund for an average quality lint.
The following are some of the notable deals:
SINDH TYPE: 1,200 bales, Shahdadpur at Rs3,125 to 3,150, 1,000 bales, Khairpur at 3,175 to 3,200, 1,000 bales, Dadu at 3,190 to 3,200, and 1,200 bales, upper Sindh at 3,250.
PUNJAB VARIETY: 1,000 bales each Rahimyar Khan, Ahmedpur East, Bahawalpur, Sadiqabad, Muridwala, Uch Sharif,1,200 bales each Alipur, D.G.Khan and Khanewal and 1,400 bales, Rajanpur at 3,250, 1,000 bales, each Muridwala, Hasilpur and Burewala at Rs3,200 to 3,225.
About 30,000 bales, including some big deals changed hands around the previous level, at an average rate of Rs3,200 per maund or slightly above depending on the quality of lint, floor brokers said.
But prices of Sindh lint eased by Rs25 per maund, floor brokers said adding the fall was quality-based and was confined to inferior lots, while fine lots are being traded at the higher levels.
Most of the deals finalised were above 1,000 bales, which went to the credit of big spinners having enormous financial resources at their disposal and secured export outlets apparently driving out their weaker links from the arena, they said.
The interesting feature is that despite hective mills buying prices remained stable around Rs3,250 or below per maund as spinners were not inclined to bid above them and ginners have no option to oblige them, some others said.
However, it is not clear whether or not the current status quo on the price front will be maintained in future too as spinners are worried over the loud whispering about fresh increase in prices, they said.
the future price outlook will depend on the unity of the spinner cartel as price war among them to grab the floating stock could lead to sharp increase in the coming weeks,?they fear.
Meanwhile, New York cotton futures resisted fresh decline and were quoted fractionally higher by 0.02 and 0.23 cents per lb at 63.14 and 67.86 cents for both the ruling December and the distant March contracts, respectively.
But official spot rates were again firmly held at the overnight level of Rs3,175 per maund for an average quality lint.
The following are some of the notable deals:
SINDH TYPE: 1,200 bales, Shahdadpur at Rs3,125 to 3,150, 1,000 bales, Khairpur at 3,175 to 3,200, 1,000 bales, Dadu at 3,190 to 3,200, and 1,200 bales, upper Sindh at 3,250.
PUNJAB VARIETY: 1,000 bales each Rahimyar Khan, Ahmedpur East, Bahawalpur, Sadiqabad, Muridwala, Uch Sharif,1,200 bales each Alipur, D.G.Khan and Khanewal and 1,400 bales, Rajanpur at 3,250, 1,000 bales, each Muridwala, Hasilpur and Burewala at Rs3,200 to 3,225.
